An anonymous director reports

SCOTIABANK UPDATES 2023 SUPPLEMENTARY FINANCIAL INFORMATION PACKAGE REFLECTING IMPACT OF IFRS 17

Bank of Nova Scotia (Scotiabank) has released an abridged 2023 supplementary financial information package, available on the bank's website. The package has been updated to reflect the impact of the adoption of IFRS 17, Insurance Contracts, which replaces the guidance in IFRS 4, Insurance Contracts.

The bank adopted IFRS 17 on Nov. 1, 2023, and, as required by the standard, has restated the 2023 comparative year results from the transition date of Nov. 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 its 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 Feb. 27, 2024.

About Bank of Nova Scotia

Scotiabank's vision is to be its clients' most trusted financial partner to deliver sustainable, profitable growth and maximize total shareholder return. Guided by its purpose, "for every future," Scotiabank helps its 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 Oct. 31, 2023), Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.