The Bank of Nova Scotia reported third quarter profit of $2.95 billion, up 17 per cent from a year earlier and ahead of consensus analyst estimates, helped by strong capital markets performance. Profit from the division rose 37 per cent to $647 million, while earnings from the bank’s international business increased eight per cent to $766 million. (The Logic)

Talking point: RBC analyst Darko Mihelic called the quarter a bigger surprise than usual for the “bank of no surprises.” Scotiabank has been investing more in the U.S., including through an expanded capital markets push, buying MapleMark, a small Texas commercial bank, as well as seeking to up its stake in Cleveland-based KeyCorp. On Tuesday’s earnings call, CEO Scott Thomson became the second major Canadian bank chief to describe the tariff impact as “manageable,” arguing Canada should use the disruption to accelerate domestic reforms and diversify trade while “continuing the great trade relationship we have with the U.S.” In April, Thomson called for deepening Canada’s trade ties with the country.

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