TORONTO, Feb. 23,
2024 /CNW/ - The Bank of Nova Scotia ("Scotiabank" or the "Bank") (TSX:
BNS) (NYSE: BNS) today released an abridged 2023 supplementary
financial information package, available on
www.scotiabank.com/investorrelations. The package has been updated
to reflect the impact of the adoption of IFRS 17, Insurance
Contracts (IFRS 17), which replaces the guidance in IFRS 4,
Insurance Contracts (IFRS 4).
The Bank adopted IFRS 17 on November 1,
2023, and as required by the standard, has restated the 2023
comparative year results from the transition date of November 1, 2022.
IFRS 17 is applied on a full retrospective basis unless
impractical, where either the modified retrospective or fair value
method may be used. As disclosed in our 2023 Annual Report, the
Bank has applied the full retrospective approach to its short
duration contracts and the fair value approach to its longer
duration contracts. The impact of IFRS 17 is not significant to the
Bank; however early disclosure has been made for the benefit of
users.
The Bank's results for the first quarter of 2024 will be
released on February 27, 2024.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, their families and their communities
achieve success through a broad range of advice, products and
services, including personal and commercial banking, wealth
management and private banking, corporate and investment banking,
and capital markets. With assets of approximately $1.4
trillion (as at October 31, 2023), Scotiabank trades on
the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please
visit http://www.scotiabank.com and follow us on X
@Scotiabank.
SOURCE Scotiabank