Bank of Nova Scotia, the most internationally diversified of the five largest Canadian universal banks and a foreign private issuer that files annual reports on Form 40-F and interim financial reports on Form 6-K with the SEC, reported a fiscal year ended October 31, 2025 in which revenue grew meaningfully to CAD 37.741 billion from CAD 33.670 billion in fiscal 2024, a 12.1 percent year-over-year increase that was driven in part by the Canadian and Mexican retail-banking franchises, while net income was essentially flat at CAD 7.758 billion versus CAD 7.892 billion in fiscal 2024, a 1.7 percent decline. Total assets grew to CAD 1.460 trillion from CAD 1.412 trillion, and total equity grew to CAD 88.587 billion from CAD 84.076 billion. The fiscal 2025 print was disclosed in the company's annual report on Form 40-F, and the most recent interim 6-K disclosure provides the most current view of the trajectory.
The principal question for the next several quarters is whether the Mexican retail-banking franchise can continue to deliver the high-teens loan-growth that has been the strategic differentiator for the bank, and whether the Canadian banking franchise can stabilize its net interest margin in a rate-uncertain environment. The disclosure cadence that the next twelve months resolve is, in order of importance, the Mexican retail-banking loan-growth and deposit-growth trajectory, the Canadian banking net interest margin trajectory as the Bank of Canada continues to navigate the rate cycle, the credit quality of the Canadian and Mexican loan portfolios, the strategic-review process that the bank has been executing, and the capital-return cadence including the regular dividend and the share-repurchase program.