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Friday, September 22 2017 @ 08:08 PM AST

Analyst: Banks doing well in the Caribbean

The Bank of Nova Scotia (NYSE:BNS)

Q3 2017 Earnings Conference Call

August 29, 2017

Our next question comes from Robert Sedran with CIBC World Markets.

Robert Sedran

Hi. Good morning. We focus a lot of attention in the international side and I think rightly so on LatAm, but the last couple of quarters in the Caribbean seems like and Im curious if something is going on. The results, earnings are better and loan losses have been down. Is that part of the bank weve seen it in some of your peers as well looking better also. Is there something going on in the Caribbean that we should be paying attention to or is this just the normal quarterly volatility?

Ignacio Deschamps

I would say this is a consistent improvement on our Caribbean operation even when the growth levels are more moderate, a lot of progress has been done in structural cost transformation, in operational efficiency, in operating this bank with a single operating platform and single system and creating hubs around the Caribbean to provide services for all of the country. So definitely its a good I think its good to identify that the Caribbean is an important contributor to International Banking, stable and consistently improving.

Robert Sedran

You think theres a top line story to be told there, Nacho, is it largely an operating efficiency story?

Ignacio Deschamps

Well, I think overall I think its a very important expense management. But I would say overall we are very have a very important franchise in the Caribbean. So volume growth are good relative to the market and PCLs are stable. We are growing within our risk appetite in all these countries. So overall I think its a good story.

Robert Sedran

Thank you.

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