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This statistic highlights Bank of Nova Scotia’s Average Balance, split across Average Balances – Deposits and Average Balances – Net loans and Acceptances, reported quarterly from Q1 2016 onwards.
|Breakdown||Q1 2023||Q1 2022||YoY Growth (Q1 2023)|
|Average Balances-Net loans and Acceptances||755.15||657.80||15%|
(All figures in CAD, except percentages)
Bank of Nova Scotia generated Average balances -deposits of $949.88 billion in Q1 2023 as compared to $860.11 in Q1 2022, which have grown by 10% year-over-year growth. The Average balances –net loans and acceptances of $755.15 billion as compared to $657.80 in Q1 2022. There has been the highest year-over-year growth of 15% in average balances –net loans and acceptances. Thus, the revenue increases were primarily due to the expansion of its loan portfolio, increased customer deposits, improved creditworthiness, and interest income.
The average balance of Scotiabank refers to the average amount of money held in accounts over a specific period. It includes types of accounts, such as certificates of deposit, checking accounts, savings accounts, and money market accounts. Customers deposit their funds into these accounts, which can be used for various purposes, such as day-to-day transactions, saving for future goals, or earning interest. Average deposits of Scotiabank refer to the average amount of money deposited into accounts during a particular period. This includes funds customers bring into the bank through cash deposits, electronic transfers, checks, and other forms of deposits.
Average Balances-Net loans and Acceptances
Net loans represent the outstanding loan balances of a bank deducting any provisions made for loan losses or bad debts. When a bank lends money to individuals, businesses, or other entities, it creates loans on its balance sheet. These loans generate interest income for the bank. On the other hand, acceptance is also known as a banker’s acceptance, and it is a type of short-term financing instrument commonly used in international trade transactions. They are essentially a time draft or a promissory note that a bank accepts and guarantees payment on behalf of an importer or buyer.
About Bank of Novia Scotia
The Bank of Nova Scotia, also known as Scotiabank, is one of Canada’s largest banks. It was established in 1832 in Nova Scotia, Halifax. Scotiabank provides a wide range of financial services and products to businesses, individuals, and corporations. Its offerings include commercial banking, personal banking, investment banking, and wealth management. Scotiabank is a significant international presence in the Caribbean and Latin America. It has acquired several banks in the region and making it one of the largest foreign banks operating in these markets.
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