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Bank of Nova Scotia (83SV)

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Tuesday 29 November, 2016

Bank of Nova Scotia

Scotiabank reports fourth quarter and 2016 results



NEWS RELEASE TRANSMITTED BY MARKETWIRED

FOR:  SCOTIABANK

TSX, NYSE SYMBOL:  BNS

November 29, 2016

Scotiabank reports fourth quarter and 2016 results

TORONTO, ONTARIO--(Marketwired - Nov. 29, 2016) -

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Scotiabank's 2016 audited annual consolidated financial statements and
accompanying Management's Discussion & Analysis (MD&A) are available at
www.scotiabank.com along with the supplementary financial information and
regulatory capital disclosure reports, which includes fourth quarter
financial information. All amounts are in Canadian dollars and are based on
our audited annual consolidated financial statements and accompanying MD&A
for the year ended October 31, 2016 and related note prepared in accordance
with International Financial Reporting Standards (IFRS), unless otherwise
noted.

Additional information related to the Bank, including the Bank's Annual
Information Form, can be found on the SEDAR website at www.sedar.com and on
the EDGAR section of the SEC's website at www.sec.gov.
----------------------------------------------------------------------------

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Fiscal 2016 Highlights on a reported basis (versus Fiscal 2015)

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--  Net income of $7,368 million, compared to $7,213 million
--  Diluted earnings per share of $5.77 compared to $5.67
--  Return on equity (ROE) of 13.8%, compared to 14.6%
--  Annual dividends per share of $2.88 compared to $2.72, an increase of 6%

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Fiscal 2016 Highlights adjusted for the Q2/16 restructuring charge(1) (versus Fiscal 2015)

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--  Net income of $7,646 million, compared to $7,213 million, up 6%
--  Diluted earnings per share of $6.00 compared to $5.67, up 6%
--  ROE of 14.3%, compared to 14.6%

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Fourth Quarter Highlights on a reported basis (versus Q4, 2015)

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--  Net income of $2,011 million, compared to $1,843 million, up 9%
--  Diluted earnings per share of $1.57 compared to $1.45, up 8%
--  ROE of 14.7%, compared to 14.2%

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Fiscal 2016 performance versus medium-term objectives:

The Bank's performance with respect to its medium-term financial and operational objectives was as follows
(2016 performance adjusting for the impact of the Q2, 2016 restructuring charge(1), is reflected in
parantheses):

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1.  Earn an ROE of 14%+. For the full year, Scotiabank earned an ROE of
    13.8% (14.3%).
2.  Generate growth in EPS (Diluted) of 5% to 10%. The year-over-year EPS
    growth was up 2% (6%).
3.  Maintain positive operating leverage. Scotiabank's performance was
    negative 1.9% (positive 1.0%).
4.  Maintain strong capital ratios. Scotiabank's capital position remains
    strong with a Common Equity Tier 1 ratio of 11.0%.

/T/

(1) Refer to "Non-GAAP Measures" section.

Scotiabank reported net income of $7,368 million in 2016, compared with net income of $7,213 million in 2015.
Diluted earnings per share (EPS) were $5.77, a 2% increase from last year. Adjusting for the second quarter
restructuring charge of $278 million after tax ($378 million pre-tax), net income increased to $7,646 million
and EPS rose to $6.00, a 6% increase compared to last year.

Scotiabank reported net income for the fourth quarter ended October 31, 2016 of $2,011 million, compared to
$1,843 million for the same period last year. EPS was $1.57, up 8% compared to $1.45 last year. Return on
equity was 14.7%. A quarterly dividend of 74 cents per common share was announced.

"During 2016, continued strong performances in our personal, commercial and wealth businesses, both in Canada
and in our key Pacific Alliance markets drove solid earnings growth" said Brian Porter, President and CEO. "Our
good results were achieved alongside a focused effort to advance the Bank's strategic agenda including
investments in digital capabilities to drive an even greater customer experience and more efficient operations.

"Canadian Banking had another strong year of operating performance and earnings growth. We continue to deliver
valued advice, services and products to our base of more than 10 million retail and commercial customers. By
deepening existing relationships and adding new customers, we further improved our asset and deposit mix, while
generating improved returns for shareholders.

"International Banking delivered strong results, with annual earnings exceeding $2 billion for the first time.
Our strong results were driven by the key Pacific Alliance region which again recorded double digit deposit and
asset growth complemented by our improved performance from the Caribbean and Central America. And while
economic growth moderated somewhat in select markets, we continue to strengthen and drive deeper customer
relationships to gain profitable market share and grow earnings.

"Global Banking and Markets had a much improved second half of the year, closing the year with $461 million of
earnings in Q4, the result of better performance in fixed income and corporate banking.

"With two dividend increases in 2016, we increased our returns to shareholders by 6% this year. Our capital
position is very strong at 11.0%, and will support investments required to execute our strategic agenda
including improving our customers' experience and increasing efficiency.

"In 2016, we made very good progress against our strategic agenda, which is delivering strong financial
performance, while positioning the Bank for success over the longer term. Looking forward, we will build on our
momentum as we continue to build an even better Bank for our shareholders, our customers and our employees."

Non-GAAP Measures

The Bank uses a number of financial measures to assess its performance. Some of these measures are not
calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International
Financial Reporting Standards (IFRS), are not defined by GAAP and do not have standardized meanings that would
ensure consistency and comparability among companies using these measures. The Bank believes that certain non-
GAAP measures are useful in assessing underlying ongoing business performance and provide readers with a better
understanding of how management assesses performance. These non-GAAP measures are used throughout this press
release and are defined in the "Non-GAAP Measures" section of the Bank's 2016 Annual Report.

Impact of the 2016 restructuring charge:

The table below reflects the impact of the 2016 restructuring charge of $378 million pre-tax ($278 million
after tax)(1)

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----------------------------------------------------------------------------
                                                              Adjusting for
                                            Impact of the               the
For the year ended October                  restructuring     restructuring
 31, 2016 ($ millions)         Reported            charge            charge
----------------------------------------------------------------------------

Net income ($ millions)      $    7,368   $           278   $         7,646
Diluted earnings per share   $     5.77   $          0.23   $          6.00
Return on equity                   13.8               0.5%             14.3%
Productivity ratio                 55.2%             (1.5)%            53.7%
Operating leverage                 (1.9)%             2.9%              1.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)  Calculated using the statutory tax rates of the various jurisdictions.

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Adjusted diluted earnings per share

The adjusted diluted earnings per share is calculated as follows:

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                          As at and for the three months ended
---------------------------------------------------------------
                           October 31      July 31   October 31
(Unaudited)                      2016         2016         2015
---------------------------------------------------------------

Net income attributable
 to common shareholders
 (diluted)               $      1,925 $      1,879 $      1,775
  Restructuring charge              -            -            -
                        ---------------------------------------
Net income attributable
 to common shareholders
 (diluted) adjusted for
 restructuring charge           1,925        1,879        1,775
  Amortization of
   intangible assets,
   excluding software              18           18           18
                        ---------------------------------------
Adjusted net income
 attributable to common
 shareholders (diluted)  $      1,943 $      1,897 $      1,793
Weighted average number
 of diluted common
 shares outstanding
 (millions)                     1,226        1,222        1,227
---------------------------------------------------------------
Adjusted diluted
 earnings per share(1)
 (in dollars)            $       1.58 $       1.55 $       1.46
---------------------------------------------------------------

                                         For the year ended
----------------------------------------------------------------------------
                           October 31      Diluted   October 31      Diluted
(Unaudited)                      2016          EPS         2015          EPS
----------------------------------------------------------------------------

Net income attributable
 to common shareholders
 (diluted)               $      7,070 $       5.77 $      6,983 $       5.67
  Restructuring charge            278         0.23            -            -
                        ----------------------------------------------------
Net income attributable
 to common shareholders
 (diluted) adjusted for
 restructuring charge           7,348         6.00        6,983         5.67
  Amortization of
   intangible assets,
   excluding software              76         0.05           65         0.05
                        ----------------------------------------------------
Adjusted net income
 attributable to common
 shareholders (diluted)  $      7,424 $       6.05 $      7,048 $       5.72
Weighted average number
 of diluted common
 shares outstanding
 (millions)                     1,226                     1,232
----------------------------------------------------------------------------
Adjusted diluted
 earnings per share(1)
 (in dollars)                         $       6.05              $       5.72
----------------------------------------------------------------------------
(1)  Adjusted diluted earnings per share calculations are based on full
     dollar and share amounts.

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Core banking assets

Core banking assets are average assets excluding bankers' acceptances and average trading assets within Global
Banking and Markets.

Core banking margin

This ratio represents net interest income divided by average core banking assets.

Financial Highlights

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                       As at and for the three months
                                   ended                For the year ended
----------------------------------------------------------------------------
                      October 31    July 31 October 31 October 31 October 31
(Unaudited)                 2016       2016       2015       2016       2015
----------------------------------------------------------------------------

Operating results ($
 millions)
Net interest income        3,653      3,602      3,371     14,292     13,092
Non-interest income        3,098      3,038      2,754     12,058     10,957
Total revenue              6,751      6,640      6,125     26,350     24,049
Provision for credit
 losses                      550        571        551      2,412      1,942
Non-interest expenses      3,650      3,505      3,286     14,540     13,041
Income tax expense           540        605        445      2,030      1,853
Net income                 2,011      1,959      1,843      7,368      7,213
Net income
 attributable to
 common shareholders       1,908      1,860      1,754      6,987      6,897
----------------------------------------------------------------------------

Operating performance
Basic earnings per
 share ($)                  1.58       1.55       1.46       5.80       5.70
Diluted earnings per
 share ($)                  1.57       1.54       1.45       5.77       5.67
Adjusted diluted
 earnings per share
 ($)(1)                     1.58       1.55       1.46       6.05       5.72
Return on equity (%)        14.7       14.8       14.2       13.8       14.6
Productivity ratio
 (%)(2)                     54.1       52.8       53.6       55.2       54.2
Core banking margin
 (%)(1)(2)                  2.40       2.38       2.35       2.38       2.39
----------------------------------------------------------------------------

Financial position
 information($
 millions)
Cash and deposits
 with financial
 institutions             46,344     69,774     73,927
Trading assets           108,561    103,861     99,140
Loans                    480,164    472,800    458,628
Total assets             896,266    906,844    856,497
Deposits                 611,877    631,344    600,919
Common equity             52,657     50,761     49,085
Preferred shares           3,594      3,094      2,934
Assets under
 administration          472,817    464,930    453,926
Assets under
 management              192,702    187,864    179,007
----------------------------------------------------------------------------

Capital and liquidity
 measures
Common Equity Tier 1
 (CET1) capital ratio
 (%)                        11.0       10.5       10.3
Tier 1 capital ratio
 (%)                        12.4       11.8       11.5
Total capital ratio
 (%)                        14.6       14.1       13.4
Leverage ratio (%)           4.5        4.2        4.2
CET1 risk-weighted
 assets ($
 millions)(3)            364,048    357,657    357,995
Liquidity coverage
 ratio (LCR) (%)             127        125        124
----------------------------------------------------------------------------

Credit quality
Net impaired loans ($
 millions)(4)              2,446      2,491      2,085
Allowance for credit
 losses ($ millions)       4,626      4,542      4,197
Net impaired loans as
 a % of loans and
 acceptances(4)             0.49       0.51       0.44
Provision for credit
 losses as a % of
 average net loans
 and acceptances            0.45       0.47       0.47       0.50       0.43
----------------------------------------------------------------------------

Common share
 information
Closing share price
 ($) (TSX)                 72.08      66.33      61.49
Shares outstanding
 (millions)
  Average - Basic          1,206      1,203      1,205      1,204      1,210
  Average - Diluted        1,226      1,222      1,227      1,226      1,232
  End of period            1,208      1,205      1,203
Dividends per share
 ($)                        0.74       0.72       0.70       2.88       2.72
Dividend yield (%)(5)        4.3        4.5        4.8        4.7        4.4
Market capitalization
 ($ millions) (TSX)       87,065     79,906     73,969
Book value per common
 share ($)                 43.59      42.14      40.80
Market value to book
 value multiple              1.7        1.6        1.5
Price to earnings
 multiple (trailing 4
 quarters)                  12.4       11.7       10.8
----------------------------------------------------------------------------

Other information
Employees                 88,901     88,783     89,214
Branches and offices       3,113      3,126      3,177
----------------------------------------------------------------------------
(1)  Refer to Non-GAAP measures section of this press release for a
     discussion of these measures.
(2)  During the year, the taxable equivalent adjustment was no longer
     included in the calculation. Prior period amounts have been restated.
(3)  As at October 31, 2016, credit valuation adjustment (CVA) risk-weighted
     assets were calculated using scalars of 0.64, 0.71 and 0.77 to compute
     CET1, Tier 1 and Total capital ratios, respectively.
(4)  Excludes loans acquired under the Federal Deposit Insurance Corporation
     (FDIC) guarantee related to the acquisition of R-G Premier Bank of
     Puerto Rico.
(5)  Based on the average of the high and low common share price for the
     period.

/T/

Group Financial Performance

Q4 2016 vs. Q4 2015

Net income

Net income was $2,011 million, an increase of $168 million or 9%. Strong asset growth and higher capital
markets revenues were partly offset by higher non-interest expenses and income taxes.

Net interest income

Net interest income was $3,653 million, an increase of $282 million or 8%. The increase was attributable
primarily to growth in retail and commercial loans in International Banking, credit cards, automotive loans and
residential mortgages in Canadian Banking, and corporate loans in Global Banking and Markets.

The core banking margin was 2.40%, up five basis points driven by higher margins across all business lines,
partially offset by lower contribution from asset/liability management activities in the Other segment.

Non-interest income

Non-interest income of $3,098 million was up $344 million or 12%. This was driven by higher banking fees,
wealth management and trading revenues, underwriting and other advisory fees and net income from investments in
associated corporations. Gains on sale of real estate were largely offset by lower net gains on investment
securities.

Provision for credit losses

The provision for credit losses was $550 million, down $1 million. Last year's increase in collective allowance
against performing loans of $60 million was mostly offset by higher provisions in Canadian Banking and
International Banking.

Non-interest expenses

Non-interest expenses increased by $364 million or 11% to $3,650 million. Last year benefited from lower
pension benefit costs, partly offset by the reorganization costs relating to Canadian shared services. The
increase was primarily due to higher performance and stock-based compensation, acquisitions and continued
investments in the business, including technology and professional expenses. This was partly offset by the
favourable impact of foreign currency translation and savings from structural cost reduction initiatives.

The productivity ratio was 54.1%, compared to 53.6%.

Income taxes

The tax rate was 21.2% compared to 19.4%, due primarily to lower tax-exempt income.

Q4 2016 vs. Q3 2016

Net income

Net income was $2,011 million, an increase of $52 million or 3%. Higher revenues, lower provision for credit
losses and lower income taxes, were partly offset by higher non-interest expenses.

Net interest income

Net interest income was $3,653 million, an increase of $51 million or 1%. The increase was attributable to
asset growth primarily in residential mortgages and automotive loans in Canadian Banking, and retail loans in
International Banking.

The core-banking margin was 2.40%, up two basis points, mostly from higher margins in Canadian Banking and
Global Banking and Markets.

Non-interest income

Non-interest income was $3,098 million, up $60 million or 2%. Higher banking and wealth management revenues and
contributions from associated corporations were partly offset by lower underwriting and advisory fees. Gains on
sale of real estate were offset by lower net gains on investment securities.

Provision for credit losses

The provision for credit losses was $550 million, a decline from $571 million, due primarily to lower
provisions in International Banking.

Non-interest expenses

Non-interest expenses were up $145 million or 4%. This was mainly due to continued investments in the business,
including technology and professional fees, and higher seasonal marketing expenses.

The productivity ratio was 54.1% compared to 52.8%.

Income taxes

The effective tax rate was 21.2% compared to 23.6% due primarily to higher taxes in certain foreign
jurisdictions in the previous quarter.

Common Dividend

The Board of Directors at its meeting approved the quarterly dividend of 74 cents per common share. This
quarterly dividend applies to shareholders of record as of January 3, 2017 and is payable January 27, 2017.

Capital Ratios

The Bank continues to maintain strong, high quality capital levels which position it well for future business
growth. The Basel III all-in Common Equity Tier 1 (CET1) ratio as at October 31, 2016 was 11.0%. Increases in
the CET1 ratio from 2015 were primarily from strong internal capital generation and the prudent management of
asset growth during the year.

The Bank's Basel III all-in Tier 1 and Total capital ratios were 12.4% and 14.6%, respectively, as at October
31, 2016. Tier 1 and Total Capital also benefited from capital issuances during the year.

The Bank's capital ratios continue to be well in excess of OSFI's minimum capital ratio requirements for 2016
(including the 1% D-SIB surcharge) of 8%, 9.5% and 11.5% for CET1, Tier 1 and Total Capital, respectively.

Business Segment Review

Canadian Banking

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                     For the three months ended       For the year ended
----------------------------------------------------------------------------
(Unaudited) ($
 millions)
(Taxable
 equivalent      October 31     July 31  October 31  October 31  October 31
 basis)(1)             2016        2016        2015        2016        2015
----------------------------------------------------------------------------
Business segment
 income
Net interest
 income          $    1,798  $    1,770  $    1,657  $    7,024  $    6,415
Non-interest
 income(2)            1,314       1,273       1,215       5,164       4,832
                ------------------------------------------------------------
Total revenue         3,112       3,043       2,872      12,188      11,247
Provision for
 credit losses          217         217         180         832         687
Non-interest
 expenses             1,612       1,567       1,553       6,324       6,014
Income tax
 expense                329         329         302       1,296       1,202
----------------------------------------------------------------------------
Net income       $      954  $      930  $      837  $    3,736  $    3,344
----------------------------------------------------------------------------
Net income
 attributable to
 non-controlling
 interest in
 subsidiaries    $        -  $        -  $        -  $        -  $        -
Net income
 attributable to
 equity holders
 of the Bank     $      954  $      930  $      837  $    3,736  $    3,344
----------------------------------------------------------------------------
Other measures
Return on equity       22.4%       21.9%       20.2%       22.0%       21.0%
Assets under
 administration
 ($ billions)    $      318  $      316  $      310  $      318  $      310
Assets under
 management ($
 billions)       $      145  $      145  $      135  $      145  $      135
Average assets
 ($ billions)    $      313  $      310  $      304  $      309  $      300
Average
 liabilities ($
 billions)       $      237  $      233  $      224  $      232  $      218
----------------------------------------------------------------------------
(1)  Results are presented on a taxable equivalent basis. Refer to Business
     Line Overview section of the Bank's 2016 Annual Report.
(2)  Includes net income from investments in associated corporations for the
     three months ended October 31, 2016 - $25 (July 31, 2016 - $20; October
     31, 2015 - $15) and for the year ended October 31, 2016 - $78 (October
     31, 2015 - $66).

/T/

Q4 2016 vs. Q4 2015

Net income

Net income attributable to equity holders was $954 million, an increase of $117 million or 14%. An increase in
the net interest margin, solid growth from assets and deposits, impact of the credit card portfolio acquired
from JPMorgan Chase Bank ("the acquisition"), and higher non-interest income contributed to this growth. These
increases were partially offset by higher non-interest expenses and provision for credit losses.

Average assets

Average assets grew $9 billion or 3% to $313 billion. Adjusting for the impact of the Tangerine broker-
originated and white label mortgage run-off portfolios, assets increased $13 billion or 4%. The growth included
$5 billion or 7% in personal loans primarily in consumer auto lending and credit cards, $5 billion or 3% in
residential mortgages, and $3 billion or 7% in business loans and acceptances.

Average liabilities

Average liabilities increased $13 billion or 6%, including strong growth of $7 billion or 11% in retail banking
savings deposits and $1 billion or 8% in chequing accounts. As well, there was growth of $2 billion or 4% in
small business and commercial banking business operating accounts and $3 billion or 20% in wealth management
deposits. This was partially offset by a decline in low margin GICs of $1 billion or 2%.

Assets under administration (AUA) and assets under management (AUM)

AUM increased $10 billion or 7% driven by net sales and market appreciation. AUA increased $8 billion or 3%
driven by market appreciation.

Net interest income

Net interest income of $1,798 million was up $141 million or 9%. This was driven by a 13 basis point increase
in the net interest margin to 2.39% and solid growth in assets and deposits. The margin increase was primarily
driven by growth in higher yielding credit cards, margin expansion in deposits, the run-off of lower spread
Tangerine mortgages, and impact of the acquisition.

Non-interest income

Non-interest income of $1,314 million increased $99 million or 8% due primarily to growth in card revenues,
mutual fund fees and gains on sale of real estate. These increases were partly offset by lower transaction
based brokerage revenues.

Provision for credit losses

The provision for credit losses was $217 million, an increase of $37 million or 21%. The increase was due to
higher provisions in retail portfolios driven by growth in relatively higher spread products. The provision for
credit losses ratio increased four basis points to 28 basis points.

Non-interest expenses

Non-interest expenses were $1,612 million, an increase of $59 million or 4%. Half of the increase was from the
impact of the acquisition, with the balance primarily reflecting higher spending on technology, projects, and
strategic investments, partially offset by benefits realized from cost reduction initiatives.

Taxes

The effective tax rate was 25.6% compared to 26.5% primarily due to the tax effect on the gains on sale of real
estate.

Q4 2016 vs. Q3 2016

Net income

Net income attributable to equity holders increased $24 million or 3%, mainly due to the growth in both assets
and deposits and higher non-interest income, partly offset by higher non-interest expenses.

Average assets

Average assets rose $3 billion or 1%. Adjusting for the impact of the Tangerine broker-originated and white
label mortgage run-off portfolios, assets increased $4 billion or 1% due mainly to the growth of $3 billion or
2% in residential mortgages and $1 billion or 1% in personal loans primarily in consumer auto lending.

Average liabilities

Average liabilities increased $4 billion or 2%, primarily driven by strong growth of $3 billion or 4% in retail
banking savings accounts and $2 billion or 4% in small business and commercial banking business operating
accounts. Partially offsetting was a decline of $1 billion or 2% in low margin GICs.

Assets under administration (AUA) and assets under management (AUM)

AUM increased $1 billion or 1% driven by higher net sales. AUA remained unchanged.

Net interest income

Net interest income increased $28 million or 2% due mainly to the growth in both assets and deposits and a
slight increase in net interest margin.

Non-interest income

Non-interest income increased $41 million or 3% due primarily to higher card revenues, commercial banking
credit, mutual fund, and brokerage fees and gains on sale of real estate.

Provision for credit losses

The provision for credit losses was $217 million unchanged from the prior quarter. An increase in retail
portfolios due to growth in relatively higher spread products was offset by a decrease in the commercial
portfolio. The provision for credit losses ratio was down one basis point to 28 basis points.

Non-interest expenses

Non-interest expenses were up $45 million or 3%, primarily related to technology and project spending and
advertising to support business growth, partially offset by benefits realized from cost reduction initiatives.

Taxes

The effective tax rate was marginally lower at 25.6% compared to 26.1%.

International Banking

/T/

                     For the three months ended        For the year ended
----------------------------------------------------------------------------
(Unaudited) ($
 millions)
(Taxable
 equivalent      October 31     July 31  October 31  October 31  October 31
 basis)(1)             2016        2016        2015        2016        2015
----------------------------------------------------------------------------
Business segment
 income
Net interest
 income          $    1,615  $    1,596  $    1,510  $    6,359  $    5,706
Non-interest
 income(2)              883         828         847       3,482       3,137
                ------------------------------------------------------------
Total revenue         2,498       2,424       2,357       9,841       8,843
Provision for
 credit losses          294         316         284       1,281       1,128
Non-interest
 expenses             1,413       1,345       1,373       5,523       5,095
Income tax
 expense                172         174         136         707         568
----------------------------------------------------------------------------
Net income       $      619  $      589  $      564  $    2,330  $    2,052
----------------------------------------------------------------------------
Net income
 attributable to
 non-controlling
 interest in
 subsidiaries    $       72  $       62  $       60  $      251  $      199
Net income
 attributable to
 equity holders
 of the Bank     $      547  $      527  $      504  $    2,079  $    1,853
----------------------------------------------------------------------------
Other measures
Return on equity       13.5%       12.8%       13.1%       12.8%       13.0%
Average assets
 ($ billions)    $      142  $      140  $      135  $      143  $      128
Average
 liabilities ($
 billions)       $      109  $      108  $       99  $      109  $       94
----------------------------------------------------------------------------
(1)  Results are presented on a taxable equivalent basis. Refer to Business
     Line Overview section of the Bank's 2016 Annual Report.
(2)  Includes net income from investments in associated corporations for the
     three months ended October 31, 2016 - $130 (July 31, 2016 - $110;
     October 31, 2015 - $112) and for the year ended October 31, 2016 - $473
     (October 31, 2015 - $476)

/T/

Q4 2016 vs. Q4 2015

Net income

International Banking reported net income attributable to equity holders of $547 million, up $43 million or 9%
reflecting solid revenues from strong loan, deposit and fee growth in Latin America, a higher contribution from
affiliates, acquisitions and good expense control, partly offset by the negative impact of foreign currency
translation.

Average assets

Average assets of $142 billion increased $7 billion or 5% driven by strong 8% retail and 2% commercial loan
growth, particularly in Latin America.

Average liabilities

Average liabilities increased $10 billion or 10% to $109 billion largely due to 14% growth in deposits, with
demand and savings deposits up 8%, partly offset by lower securities purchased under resale agreements.

Net interest income

Net interest income was $105 million higher, driven by solid volume growth and a higher net interest margin.
Retail and commercial loan growth was 8% and 2%, respectively, or 11% and 4% adjusting for foreign exchange
translation. Growth in retail loans was driven by a 13% increase in Latin America and a 7% increase in the
Caribbean & Central America, with acquisitions contributing 2% of total retail loan growth. Commercial loan
growth reflected an increase of 6% in Latin America. The net interest margin increased seven basis points to
4.77% driven by widening margins in Latin America.

Non-interest income

Non-interest income increased $36 million or 4% to $883 million due to higher fees and commissions and higher
net income from investments in associated corporations. These were partly offset by lower trading revenues and
the negative impact of foreign currency translation. Net fee and commission revenues increased $55 million or
9% to $671 million driven primarily by higher transaction fees and card revenues in Latin America and the
Caribbean, and acquisitions. Net income from investments in associated corporations increased by $18 million
reflecting higher contributions from Thanachart Bank and Bank of Xi'an.

Provision for credit losses

The provision for credit losses was $294 million, up $10 million or 3%. The provision for credit losses ratio
improved two basis points to 1.15%, primarily due to stable retail provisions. Higher provisions were entirely
driven by an increase in the commercial portfolio.

Non-interest expenses

Non-interest expenses increased by $40 million or 3% driven by acquisitions and inflationary increases partly
offset by the positive impact of foreign currency translation and the benefits of expense management programs.

Taxes

The effective tax rate increased to 21.7% compared to 19.4% due to lower tax benefits in Mexico partially
offset by higher tax benefits in Peru.

Q4 2016 vs. Q3 2016

Net income

Net income attributable to equity holders increased by $20 million or 4% to $547 million driven by strong
retail loan growth, higher fees, higher contributions from associated corporations and lower provisions for
credit losses, partly offset by seasonally higher expenses.

Average assets

Average assets of $142 billion increased $2 billion or 2% driven primarily by strong retail loan growth,
particularly in credit cards, residential mortgages and personal loans in Latin America. While commercial loan
growth in Mexico and Peru were both up a very strong 4% adjusting for the impact of foreign currency
translation, there were declines in the Caribbean and other Latin American countries, resulting in commercial
loans being down 1%.

Average liabilities

Average liabilities increased $1 billion to $109 billion, largely due to 4% growth in deposits, with demand and
savings deposits up 2% and term deposits up 7%.

Net interest income

Net interest income increased $19 million or 1% to $1,615 million driven by solid asset growth, partly offset
by a slightly lower margin. Retail loan growth was 4% driven by strong growth in Latin America. The net
interest margin declined two basis points to 4.77% with margin declines in the Caribbean & Central America
mostly offset by wider margins in Latin America.

Non-interest income

Non-interest income increased $55 million or 7% to $883 million with higher fee and commission revenues and a
higher contribution from investments in associated corporations. Net fee and commission revenues increased $41
million or 6% to $671 million primarily driven by seasonally higher fees in Latin America, particularly Chile
and Mexico. Net income from investments in associated corporations was 19% higher, primarily due to a higher
contribution from Thanachart Bank. Other non-interest income decreased by $6 million or 8% to $82 million, due
partly to lower foreign currency trading revenues in Latin America.

Provision for credit losses

The provision for credit losses was $294 million, a decrease of $22 million or 7%, driven mainly by lower
commercial provisions in the Caribbean and Central America, from the elevated levels last quarter. The
provision for credit losses ratio improved from 11 basis points to 1.15%.

Non-interest expenses

Non-interest expenses of $1,413 million were $68 million or 5% higher, driven largely by higher technology
spending, business volume growth and seasonal marketing campaigns in Latin America.

Taxes

The effective tax rate decreased to 21.7% compared to 22.7% due to higher tax benefits in Peru and Colombia.

Global Banking and Markets

/T/

                     For the three months ended        For the year ended
----------------------------------------------------------------------------
(Unaudited) ($
 millions)
(Taxable
 equivalent      October 31     July 31  October 31  October 31  October 31
 basis)(1)             2016        2016        2015        2016        2015
----------------------------------------------------------------------------
Business segment
 income
Net interest
 income          $      345  $      337  $      273  $    1,293  $    1,071
Non-interest
 income                 830         814         656       3,139       2,953
                ------------------------------------------------------------
Total revenue         1,175       1,151         929       4,432       4,024
Provision for
 credit losses           39          38          27         249          67
Non-interest
 expenses               533         507         450       2,040       1,846
Income tax
 expense                142         185         127         572         558
----------------------------------------------------------------------------
Net income       $      461  $      421  $      325  $    1,571  $    1,553
----------------------------------------------------------------------------
Net income
 attributable to
 non-controlling
 interest in
 subsidiaries    $        -  $        -  $        -  $        -  $        -
Net income
 attributable to
 equity holders
 of the Bank     $      461  $      421  $      325  $    1,571  $    1,553
----------------------------------------------------------------------------
Other measures
Return on equity       15.5%       13.7%       10.5%       12.6%       13.0%
Average assets
 ($ billions)    $      351  $      341  $      341  $      351  $      342
Average
 liabilities ($
 billions)       $      273  $      264  $      242  $      270  $      240
----------------------------------------------------------------------------
(1)  Results are presented on a taxable equivalent basis. Refer to Business
     Line Overview section of the Bank's 2016 Annual Report.

/T/

Q4 2016 vs. Q4 2015

Net income

Net income attributable to equity holders was $461 million, an increase of $136 million or 42%, driven mainly
by higher contributions from fixed income, corporate banking, and precious metals as well as the positive
impact of foreign currency translation. This was partly offset by higher provision for credit losses.

Average assets

Average assets were $351 billion, an increase of $10 billion or 3%. Adjusting for the impact of foreign
currency translation, assets increased $16 billion or 5%, mainly due to growth in corporate loans and
acceptances of $8 billion and increases in trading assets of $8 billion.

Average liabilities

Average liabilities of $273 billion increased by $31 billion or 13%. Adjusting for the impact of foreign
currency translation, average liabilities increased $34 billion or 14%. This was mainly due to growth of $18
billion in deposits and $16 billion in securities sold under repurchase agreements.

Net interest income

Net interest income of $345 million was up $72 million or 26%. This was due mainly to higher loan origination
fees and higher lending volumes and deposits in Canada, the U.S. and Europe, which was partly offset by lower
volumes in Asia. The net interest margin was up 18 basis points to 1.78%.

Non-interest income

Non-interest income was $830 million, an increase of $174 million or 27%. This was mainly due to stronger
revenues in fixed income trading, higher underwriting and advisory fees, and higher credit fees.

Provision for credit losses

The provision for credit losses was up $12 million to $39 million due to higher provisions in Asia and the
U.S., partially offset by lower provisions in Canada. The provision for credit losses ratio was up five basis
points to 19 basis points.

Non-interest expenses

Non-interest expenses of $533 million were up $83 million or 18%. This was due to higher performance-related
and stock-based compensation, technology, compliance and regulatory costs, partly offset by lower salaries.

Taxes

The effective tax rate for the quarter was 23.4% compared to 28.1%. The lower tax rate was mainly due to higher
taxes in foreign jurisdictions in the prior year.

Q4 2016 vs. Q3 2016

Net income

Net income attributable to equity holders increased by $40 million or 10%. This was mainly due to stronger
results in fixed income and corporate banking, partly offset by lower contributions from commodities and
investment banking.

Average assets

Average assets increased by $10 billion or 3%, mainly due to growth in trading assets.

Average liabilities

Average liabilities increased by $9 billion or 3% due to growth in securities sold under repurchase agreements,
as well as higher deposits.

Net interest income

Net interest income was up $8 million or 2%. This was due mainly to higher loan origination fees, increased
lending volumes in Canada and Europe, and higher deposit interest.

Non-interest income

Non-interest income was up $16 million or 2%. This was mainly due to higher fixed income trading revenues,
partly offset by lower advisory and underwriting fees.

Provision for credit losses

The provision for credit losses was $39 million this quarter, up $1 million due to higher provisions in Asia
and Canada, offset by a decrease in provisions for the U.S. and Europe. The provision for credit losses ratio
was unchanged at 19 basis points.

Non-interest expenses

Non-interest expenses increased $26 million or 5%. This was mainly driven by higher performance-related and
stock-based compensation, compliance and technology costs, partly offset by lower salaries.

Taxes

The effective tax rate for the quarter was 23.4% compared to 30.5%. The lower tax rate was mainly due to higher
taxes in foreign jurisdictions in the prior quarter.

Other(1)

/T/

                     For the three months ended        For the year ended
----------------------------------------------------------------------------
(Unaudited) ($
 millions)
(Taxable
 equivalent      October 31     July 31  October 31  October 31  October 31
 basis)(2)             2016        2016        2015        2016        2015
----------------------------------------------------------------------------
Business segment
 income
Net interest
 income(3)       $     (105) $     (101) $      (69) $     (384) $     (100)
Non-interest
 income(4)               71         123          36         273          35
                ------------------------------------------------------------
Total revenue           (34)         22         (33)       (111)        (65)
Provision for
 credit losses            -           -          60          50          60
Non-interest
 expenses(5)             92          86         (90)        653          86
Income tax
 expense(3)            (103)        (83)       (120)       (545)       (475)
----------------------------------------------------------------------------
Net income       $      (23) $       19  $      117  $     (269) $      264
----------------------------------------------------------------------------
Net income
 attributable to
 non-controlling
 interest        $        -  $        -  $        -  $        -  $        -
Net income
 attributable to
 equity holders
 of the Bank     $      (23) $       19  $      117  $     (269) $      264
----------------------------------------------------------------------------
Other measures
Average assets
 ($ billions)    $      113  $      117  $      101  $      111  $       91
Average
 liabilities ($
 billions)       $      244  $      249  $      263  $      247  $      257
----------------------------------------------------------------------------
(1)  Includes all other smaller operating segments and corporate
     adjustments, such as the elimination of the tax-exempt income gross-up
     reported in net interest income, non-interest income and provision for
     income taxes and differences in the actual amount of costs incurred and
     charged to the operating segments.
(2)  Results are presented on a taxable equivalent basis. Refer to Business
     Line Overview section of the Bank's 2016 Annual Report.
(3)  Includes the elimination of the tax-exempt income gross-up reported in
     net interest income, non-interest income and provision for income taxes
     for the three months ended October 31, 2016 $47, July 31, 2016 $50,
     October 31, 2015 $73, and the years ended October 31, 2016 $299 and
     October 31, 2015 $390 to arrive at the amounts reported in the
     Consolidated Statement of Income.
(4)  Includes net income from investments in associated corporations for the
     three months ended October 31, 2016 - $(38) (July 31, 2016 - $(33);
     October 31, 2015 - $(31)) and for the year ended October 31, 2016 -
     $(137) (October 31, 2015 - ($137)).
(5)  Includes restructuring charge of $378 recorded in Q2 2016.

/T/

The Other segment includes Group Treasury, smaller operating segments, business line elimination items and
other corporate items which are not allocated to a business line.

Net interest income, non-interest income, and income taxes in each period include the elimination of tax-exempt
income gross-up. This amount is included in the operating segments, which are reported on a taxable equivalent
basis. The elimination was $47 million in the fourth quarter, compared to $73 million in the same period last
year and $50 million last quarter.

Net income from investments in associated corporations and the provision for income taxes in each period
include the tax normalization adjustments related to the gross-up of income from associated companies. This
adjustment normalizes the effective tax rate in the divisions to better present the contribution of the
associated companies to the divisional results.

Q4 2016 vs Q4 2015

Net loss attributable to equity holders was $23 million in the quarter, compared to a net income of $117
million the same quarter last year.

Last year included a number of largely offsetting items, comprised of a reduction in pension benefit accrual
related to modifications made to the Bank's main pension plan of $204 million pre-tax, ($151 million after
tax), an increase to the collective allowance for credit losses against performing loans of $60 million pre-tax
($44 million after tax), and reorganization costs related to Canadian Banking's shared services operations of
$61 million pre-tax ($45 million after tax).

Adjusting for these items, income declined by $78 million. Lower contributions from asset/liability management
activities, higher expenses and higher taxes, and lower net gains on investment securities were partly offset
by gains on sale of real estate and the positive impact of foreign currency translation.

Q4 2016 vs Q3 2016

Net loss attributable to equity holders was $23 million, compared to a net income of $19 million. The decrease
was due to the impact of foreign currency translation, and higher taxes, while lower net gains on investment
securities were partly offset by gains on sale of real estate.

Consolidated Statement of Financial Position

/T/

                                                     As at
----------------------------------------------------------------------------
                                      October 31       July 31    October 31
(Unaudited) ($ millions)                    2016          2016          2015
----------------------------------------------------------------------------
Assets
Cash and deposits with financial
 institutions                       $     46,344  $     69,774  $     73,927
Precious metals                            8,442        10,243        10,550
Trading assets
  Securities                              87,287        81,625        78,380
  Loans                                   19,421        20,278        18,341
  Other                                    1,853         1,958         2,419
----------------------------------------------------------------------------
                                         108,561       103,861        99,140
----------------------------------------------------------------------------
Financial instruments designated
 at fair value through profit or
 loss                                        221           228           320
Securities purchased under resale
 agreements and securities
 borrowed                                 92,129        92,266        87,312
Derivative financial instruments          41,657        43,990        41,003
Investment securities                     72,919        69,914        43,216
Loans
  Residential mortgages                  222,888       219,460       217,498
  Personal and credit cards               99,502        98,062        91,477
  Business and government                162,400       159,820       153,850
----------------------------------------------------------------------------
                                         484,790       477,342       462,825
  Allowance for credit losses              4,626         4,542         4,197
----------------------------------------------------------------------------
                                         480,164       472,800       458,628
Other
Customers' liability under
 acceptances                              11,978        10,409        10,296
Property and equipment                     2,520         2,441         2,286
Investments in associates                  4,299         4,199         4,033
Goodwill and other intangible
 assets                                   12,141        11,693        11,449
Deferred tax assets                        2,021         2,135         2,034
Other assets                              12,870        12,891        12,303
----------------------------------------------------------------------------
                                          45,829        43,768        42,401
----------------------------------------------------------------------------
Total assets                        $    896,266  $    906,844  $    856,497
----------------------------------------------------------------------------
Liabilities
Deposits
  Personal                          $    199,302  $    195,840  $    190,044
  Business and government                372,303       387,099       375,144
  Financial institutions                  40,272        48,405        35,731
----------------------------------------------------------------------------
                                         611,877       631,344       600,919
Financial instruments designated
 at fair value through profit or
 loss                                      1,459         1,643         1,486
Other
Acceptances                               11,978        10,409        10,296
Obligations related to securities
 sold short                               23,312        20,869        20,212
Derivative financial instruments          42,387        46,428        45,270
Obligations related to securities
 sold under repurchase agreements
 and securities lent                      97,083        93,990        77,015
Subordinated debentures                    7,633         7,598         6,182
Other liabilities                         42,716        39,259        41,638
----------------------------------------------------------------------------
                                         225,109       218,553       200,613
----------------------------------------------------------------------------
Total liabilities                        838,445       851,540       803,018
----------------------------------------------------------------------------

Equity
Common equity
  Common shares                           15,513        15,314        15,141
  Retained earnings                       34,752        33,750        31,316
  Accumulated other comprehensive
   income (loss)                           2,240         1,531         2,455
  Other reserves                             152           166           173
----------------------------------------------------------------------------
Total common equity                       52,657        50,761        49,085
Preferred shares                           3,594         3,094         2,934
----------------------------------------------------------------------------
Total equity attributable to
 equity holders of the Bank               56,251        53,855        52,019
Non-controlling interests in
 subsidiaries                              1,570         1,449         1,460
----------------------------------------------------------------------------
Total equity                              57,821        55,304        53,479
----------------------------------------------------------------------------
Total liabilities and equity        $    896,266  $    906,844  $    856,497
----------------------------------------------------------------------------

/T/

Consolidated Statement of Income

/T/

                     For the three months ended        For the year ended
----------------------------------------------------------------------------

(Unaudited) ($    October 31     July 31  October 31  October 31  October 31
 millions)              2016        2016        2015        2016        2015
----------------------------------------------------------------------------
Revenue
Interest income
Loans             $    5,220  $    5,146  $    4,849  $   20,419  $   18,912
Securities               334         333         225       1,237         922
Securities
 purchased under
 resale
 agreements and
 securities
 borrowed                 46          35          41         158         161
Deposits with
 financial
 institutions             99         106          72         394         292
----------------------------------------------------------------------------
                       5,699       5,620       5,187      22,208      20,287
----------------------------------------------------------------------------
Interest expense
Deposits               1,786       1,750       1,508       6,793       6,070
Subordinated
 debentures               57          57          49         232         187
Other                    203         211         259         891         938
----------------------------------------------------------------------------
                       2,046       2,018       1,816       7,916       7,195
----------------------------------------------------------------------------
Net interest
 income                3,653       3,602       3,371      14,292      13,092
----------------------------------------------------------------------------
Non-interest
 income
Banking                  957         918         873       3,669       3,360
Wealth
 management              837         818         809       3,282       3,269
Underwriting and
 other advisory          170         202         109         594         525
Non-trading
 foreign
 exchange                136         131         122         540         492
Trading revenues         377         381         277       1,403       1,185
Net gain on sale
 of investment
 securities               96         143         182         534         639
Net income from
 investments in
 associated
 corporations            117          97          96         414         405
Insurance
 underwriting
 income, net of
 claims                  150         153         147         603         556
Other                    258         195         139       1,019         526
----------------------------------------------------------------------------
                       3,098       3,038       2,754      12,058      10,957
----------------------------------------------------------------------------
Total revenue          6,751       6,640       6,125      26,350      24,049
Provision for
 credit losses           550         571         551       2,412       1,942
----------------------------------------------------------------------------
                       6,201       6,069       5,574      23,938      22,107
----------------------------------------------------------------------------
Non-interest
 expenses
Salaries and
 employee
 benefits              1,747       1,754       1,544       7,025       6,681
Premises and
 technology              600         548         564       2,238       2,086
Depreciation and
 amortization            183         173         157         684         584
Communications           111         106         110         442         434
Advertising and
 business
 development             184         152         184         617         592
Professional             214         169         161         693         548
Business and
 capital taxes            97          96          88         403         361
Other                    514         507         478       2,438       1,755
----------------------------------------------------------------------------
                       3,650       3,505       3,286      14,540      13,041
----------------------------------------------------------------------------
Income before
 taxes                 2,551       2,564       2,288       9,398       9,066
Income tax
 expense                 540         605         445       2,030       1,853
----------------------------------------------------------------------------
Net income        $    2,011  $    1,959  $    1,843  $    7,368  $    7,213

----------------------------------------------------------------------------
Net income
 attributable to
 non-controlling
 interests in
 subsidiaries     $       72  $       62  $       60  $      251  $      199
Net income
 attributable to
 equity holders
 of the Bank      $    1,939  $    1,897  $    1,783  $    7,117  $    7,014
  Preferred
   shareholders           31          37          29         130         117
  Common
   shareholders   $    1,908  $    1,860  $    1,754  $    6,987  $    6,897
----------------------------------------------------------------------------
Earnings per
 common share(in
 dollars)
  Basic           $     1.58  $     1.55  $     1.46  $     5.80  $     5.70
  Diluted         $     1.57  $     1.54  $     1.45  $     5.77  $     5.67
Dividends per
 common share
 (in dollars)     $     0.74  $     0.72  $     0.70  $     2.88  $     2.72
----------------------------------------------------------------------------

/T/

Consolidated Statement of Comprehensive Income

/T/

                            For the three months ended   For the year ended
----------------------------------------------------------------------------
                             October     July   October   October   October
(Unaudited) ($ millions)     31 2016  31 2016   31 2015   31 2016   31 2015
----------------------------------------------------------------------------
Net income                  $  2,011  $ 1,959  $  1,843  $  7,368  $  7,213
Other comprehensive income
 (loss)
Items that will be
 reclassified subsequently
 to net income
  Net change in unrealized
   foreign currency
   translation gains
   (losses):
  Net unrealized foreign
   currency translation
   gains (losses)              1,176    1,324      (311)      614     3,145
  Net gains (losses) on
   hedges of net
   investments in foreign
   operations                   (434)    (475)       45      (300)   (1,677)
  Income tax expense
   (benefit):
    Net unrealized foreign
     currency translation
     gains (losses)                6       10         1        (3)       46
    Net gains (losses) on
     hedges of net
     investments in foreign
     operations                 (115)    (125)       10       (79)     (433)
----------------------------------------------------------------------------
                                 851      964      (277)      396     1,855
  Net change in unrealized
   gains (losses) on
   available-for-sale
   securities:
  Net unrealized gains
   (losses) on available-
   for-sale securities          (111)     385      (134)      308       386
  Reclassification of net
   (gains) losses to net
   income(1)                      49     (339)     (176)     (549)     (966)
  Income tax expense
   (benefit):
    Net unrealized gains
     (losses) on available-
     for-sale securities         (32)     101        24        82       161
    Reclassification of net
     (gains) losses to net
     income                       13      (87)      (26)     (151)     (261)
----------------------------------------------------------------------------
                                 (43)      32      (308)     (172)     (480)
  Net change in gains
   (losses) on derivative
   instruments designated
   as cash flow hedges:
  Net gains (losses) on
   derivative instruments
   designated as cash flow
   hedges                       (279)     360       (23)       (7)    1,519
  Reclassification of net
   (gains) losses                 29     (252)      176       357    (1,444)
  Income tax expense
   (benefit):
    Net gains (losses) on
     derivative instruments
     designated as cash
     flow hedges                 (73)     101       (19)        9       450
    Reclassification of net
     (gains) losses                7      (72)       61        83      (430)
----------------------------------------------------------------------------
                                (184)      79       111       258        55
----------------------------------------------------------------------------
  Other comprehensive
   income (loss) from
   investments in
   associates                      8       (7)       (3)       31        (9)
----------------------------------------------------------------------------

Items that will not be
 reclassified subsequently
 to net income
  Net change in
   remeasurement of
   employee benefit plan
   asset and liability:
  Actuarial gains (losses)
   on employee benefit
   plans                         190     (528)      332      (972)       (3)
  Income tax expense
   (benefit)                      51     (141)       81      (256)       (2)
----------------------------------------------------------------------------
                                 139     (387)      251      (716)       (1)
  Net change in fair value
   due to change in own
   credit risk on financial
   liabilities designated
   under the fair value
   option:
  Change in fair value due
   to change in own credit
   risk on financial
   liabilities designated
   under the fair value
   option                         (4)      (4)       12       (23)       20
  Income tax expense
   (benefit)                      (1)      (1)        3        (7)        5
----------------------------------------------------------------------------
                                  (3)      (3)        9       (16)       15
----------------------------------------------------------------------------
  Other comprehensive
   income (loss) from
   investments in
   associates                      -        -         -       (10)        1
----------------------------------------------------------------------------
Other comprehensive income
 (loss)                          768      678      (217)     (229)    1,436
----------------------------------------------------------------------------

Comprehensive income (loss) $  2,779  $ 2,637  $  1,626  $  7,139  $  8,649
----------------------------------------------------------------------------
Comprehensive income (loss)
 attributable to non-
 controlling interests      $    131  $    34  $     61  $    237  $    124
----------------------------------------------------------------------------
Comprehensive income (loss)
 attributable to equity
 holders of the Bank        $  2,648  $ 2,603  $  1,565  $  6,902  $  8,525
  Preferred shareholders          31       37        29       130       117
  Common shareholders       $  2,617  $ 2,566  $  1,536  $  6,772  $  8,408
----------------------------------------------------------------------------
(1)  Includes amounts related to qualifying hedges.

/T/

Consolidated Statement of Changes in Equity

/T/

                                                           Accumulated other
                                                 comprehensive income (loss)
                                                ----------------------------

                                                      Foreign    Available-
(Unaudited) ($             Common      Retained      currency      for-sale
 millions)                 shares   earnings(1)   translation    securities
----------------------------------------------------------------------------
Balance as at
 November 1, 2015    $     15,141  $     31,316  $      2,633  $        194
Net income                      -         6,987             -             -
Other comprehensive
 income (loss)                  -             -           422          (180)
----------------------------------------------------------------------------
Total comprehensive
 income              $          -  $      6,987  $        422  $       (180)
Shares issued                 391             -             -             -
Shares repurchased/
 redeemed                     (19)          (61)            -             -
Common dividends
 paid                           -        (3,468)            -             -
Preferred dividends
 paid                           -             -             -             -
Distributions to
 non-contolling
 interests                      -             -             -             -
Share-based payments            -             -             -             -
Other                           -           (22)            -             -
----------------------------------------------------------------------------
Balance as at
 October 31, 2016    $     15,513  $     34,752  $      3,055  $         14
----------------------------------------------------------------------------

Balance as at
 November 1, 2014    $     15,231  $     28,609  $        700  $        664
Net income                      -         6,897             -             -
Other comprehensive
 income (loss)                  -             -         1,933          (470)
----------------------------------------------------------------------------
Total comprehensive
 income              $          -  $      6,897  $      1,933  $       (470)
Shares issued                 104             -             -             -
Shares repurchased/
 redeemed                    (194)         (761)            -             -
Common dividends
 paid                           -        (3,289)            -             -
Preferred dividends
 paid                           -             -             -             -
Distributions to
 non-contolling
 interests                      -             -             -             -
Share-based payments            -             -             -             -
Other                           -       (140)(5)            -             -
----------------------------------------------------------------------------
Balance as at
 October 31, 2015    $     15,141  $     31,316  $      2,633  $        194
----------------------------------------------------------------------------

Balance as reported
 November 1, 2013    $     14,516  $     25,315  $       (173) $        705
Opening
 adjustment(7)                  -          (247)            -             -
                    --------------------------------------------------------
Restated balance           14,516        25,068          (173)          705
Net income                      -         6,916             -             -
Other comprehensive
 income (loss)                  -             -           873           (41)
----------------------------------------------------------------------------
Total comprehensive
 income              $          -  $      6,916  $        873  $        (41)
Shares issued                 771             3             -             -
Shares repurchased/
 redeemed                     (56)         (264)            -             -
Common dividends
 paid                           -        (3,110)            -             -
Preferred dividends
 paid                           -             -             -             -
Distributions to
 non-contolling
 interests                      -             -             -             -
Share-based payments            -             -             -             -
Other                           -            (4)            -             -
----------------------------------------------------------------------------
Balance as at
 October 31, 2014    $     15,231  $     28,609  $        700  $        664
----------------------------------------------------------------------------

                              Accumulated other
                    comprehensive income (loss)
                    ----------------------------

(Unaudited) ($          Cash flow                       Other
 millions)                 hedges      Other(2)   reserves(3)
--------------------------------------------------------------
Balance as at
 November 1, 2015    $          7  $       (379) $        173
Net income                      -             -             -
Other comprehensive
 income (loss)                257          (714)            -
--------------------------------------------------------------
Total comprehensive
 income              $        257  $       (714) $          -
Shares issued                   -             -             -
Shares repurchased/
 redeemed                       -             -           (28)
Common dividends
 paid                           -             -             -
Preferred dividends
 paid                           -             -             -
Distributions to
 non-contolling
 interests                      -             -             -
Share-based payments            -             -             7
Other                           -             -             -
--------------------------------------------------------------
Balance as at
 October 31, 2016    $        264  $     (1,093) $        152
--------------------------------------------------------------

Balance as at
 November 1, 2014    $        (48) $       (367) $        176
Net income                      -             -             -
Other comprehensive
 income (loss)                 55            (7)            -
--------------------------------------------------------------
Total comprehensive
 income              $         55  $         (7) $          -
Shares issued                   -             -           (17)
Shares repurchased/
 redeemed                       -             -             -
Common dividends
 paid                           -             -             -
Preferred dividends
 paid                           -             -             -
Distributions to
 non-contolling
 interests                      -             -             -
Share-based payments            -             -            14
Other                           -         (5)(6)            -
--------------------------------------------------------------
Balance as at
 October 31, 2015    $          7  $       (379) $        173
--------------------------------------------------------------

Balance as reported
 November 1, 2013    $        (42) $         55  $        193
Opening
 adjustment(7)                  -          (157)            -
                    ------------------------------------------
Restated balance              (42)         (102)          193
Net income                      -             -             -
Other comprehensive
 income (loss)                 (6)         (265)            -
--------------------------------------------------------------
Total comprehensive
 income              $         (6) $       (265) $          -
Shares issued                   -             -           (34)
Shares repurchased/
 redeemed                       -             -             -
Common dividends
 paid                           -             -             -
Preferred dividends
 paid                           -             -             -
Distributions to
 non-contolling
 interests                      -             -             -
Share-based payments            -             -            30
Other                           -             -        (13)(8)
--------------------------------------------------------------
Balance as at
 October 31, 2014    $        (48) $       (367) $        176
--------------------------------------------------------------

                            Total                Total common
(Unaudited) ($             common     Preferred and preferred
 millions)                 equity        shares        equity
--------------------------------------------------------------
Balance as at
 November 1, 2015    $     49,085  $      2,934  $     52,019
Net income                  6,987           130         7,117
Other comprehensive
 income (loss)               (215)            -          (215)
--------------------------------------------------------------
Total comprehensive
 income              $      6,772  $        130  $      6,902
Shares issued                 363         1,350         1,713
Shares repurchased/
 redeemed                     (80)         (690)         (770)
Common dividends
 paid                      (3,468)            -        (3,468)
Preferred dividends
 paid                           -          (130)         (130)
Distributions to
 non-contolling
 interests                      -             -             -
Share-based payments            7             -             7
Other                         (22)            -           (22)
--------------------------------------------------------------
Balance as at
 October 31, 2016    $     52,657  $      3,594  $     56,251
--------------------------------------------------------------

Balance as at
 November 1, 2014    $     44,965  $      2,934  $     47,899
Net income                  6,897           117         7,014
Other comprehensive
 income (loss)              1,511             -         1,511
--------------------------------------------------------------
Total comprehensive
 income              $      8,408  $        117  $      8,525
Shares issued                  87             -            87
Shares repurchased/
 redeemed                    (955)            -          (955)
Common dividends
 paid                      (3,289)            -        (3,289)
Preferred dividends
 paid                           -          (117)         (117)
Distributions to
 non-contolling
 interests                      -             -             -
Share-based payments           14             -            14
Other                        (145)            -          (145)
--------------------------------------------------------------
Balance as at
 October 31, 2015    $     49,085  $      2,934  $     52,019
--------------------------------------------------------------

Balance as reported
 November 1, 2013    $     40,569  $      4,084  $     44,653
Opening
 adjustment(7)               (404)            -          (404)
                    ------------------------------------------
Restated balance           40,165         4,084        44,249
Net income                  6,916           155         7,071
Other comprehensive
 income (loss)                561             -           561
--------------------------------------------------------------
Total comprehensive
 income              $      7,477  $        155  $      7,632
Shares issued                 740             -           740
Shares repurchased/
 redeemed                    (320)       (1,150)       (1,470)
Common dividends
 paid                      (3,110)            -        (3,110)
Preferred dividends
 paid                           -          (155)         (155)
Distributions to
 non-contolling
 interests                      -             -             -
Share-based payments           30             -            30
Other                         (17)            -           (17)
--------------------------------------------------------------
Balance as at
 October 31, 2014    $     44,965  $      2,934  $     47,899
--------------------------------------------------------------

                      Non-controlling interests
                    ----------------------------
                             Non-       Capital
                      controlling   instruments
(Unaudited) ($        interest in        equity
 millions)           subsidiaries       holders         Total
--------------------------------------------------------------
Balance as at
 November 1, 2015    $      1,460  $          -  $     53,479
Net income                    251             -         7,368
Other comprehensive
 income (loss)                (14)            -          (229)
--------------------------------------------------------------
Total comprehensive
 income              $        237  $          -  $      7,139
Shares issued                   -             -         1,713
Shares repurchased/
 redeemed                       -             -          (770)
Common dividends
 paid                           -             -        (3,468)
Preferred dividends
 paid                           -             -          (130)
Distributions to
 non-contolling
 interests                   (116)            -          (116)
Share-based payments            -             -             7
Other                      (11)(4)            -           (33)
--------------------------------------------------------------
Balance as at
 October 31, 2016    $      1,570  $          -  $     57,821
--------------------------------------------------------------

Balance as at
 November 1, 2014    $      1,312  $          -  $     49,211
Net income                    199             -         7,213
Other comprehensive
 income (loss)                (75)            -         1,436
--------------------------------------------------------------
Total comprehensive
 income              $        124  $          -  $      8,649
Shares issued                   -             -            87
Shares repurchased/
 redeemed                       -             -          (955)
Common dividends
 paid                           -             -        (3,289)
Preferred dividends
 paid                           -             -          (117)
Distributions to
 non-contolling
 interests                    (86)            -           (86)
Share-based payments            -             -            14
Other                       110(4)            -           (35)
--------------------------------------------------------------
Balance as at
 October 31, 2015    $      1,460  $          -  $     53,479
--------------------------------------------------------------

Balance as reported
 November 1, 2013    $      1,155  $        743  $     46,551
Opening
 adjustment(7)                (17)         (743)       (1,164)
                    ------------------------------------------
Restated balance            1,138             -        45,387
Net income                    227             -         7,298
Other comprehensive
 income (loss)                 22             -           583
--------------------------------------------------------------
Total comprehensive
 income              $        249  $          -  $      7,881
Shares issued                   -             -           740
Shares repurchased/
 redeemed                       -             -        (1,470)
Common dividends
 paid                           -             -        (3,110)
Preferred dividends
 paid                           -             -          (155)
Distributions to
 non-contolling
 interests                    (76)            -           (76)
Share-based payments            -             -            30
Other                         1(4)            -           (16)
--------------------------------------------------------------
Balance as at
 October 31, 2014    $      1,312  $          -  $     49,211
--------------------------------------------------------------
(1)  Includes undistributed retained earnings of $63 (2015 - $61; 2014 -
     $52) related to a foreign associated corporation, which is subject to
     local regulatory restriction.
(2)  Includes Share from associates, Employee benefits and Own credit risk.
(3)  Represents amounts on account of share-based payments.
(4)  Includes changes to non-controlling interests arising from business
     combinations and others.
(5)  Includes retrospective adjustments primarily related to foreign
     currency translation on Allowance for Credit Losses with respect to
     periods prior to 2013 ($152).
(6)  Represents retrospective adjustments to reflect the adoption of the own
     credit risk provisions of IFRS 9 pertaining to financial liabilities
     designated at fair value through profit or loss.
(7)  Certain prior period amounts are retrospectively adjusted to reflect
     the adoption of new and amended IFRS standards (IFRS 10 and IAS 19) in
     2014.
(8)  Includes impact of Tandem SARs voluntarily renounced by certain
     employees while retaining their corresponding option for shares.

/T/

Consolidated Statement of Cash Flows

/T/

                              For the three months
(Unaudited) ($ millions)             ended             For the year ended
----------------------------------------------------------------------------
                             October 31  October 31  October 31  October 31
Sources (uses) of cash flows       2016        2015        2016        2015
----------------------------------------------------------------------------

Cash flows from operating
 activities
Net income                   $    2,011  $    1,843  $    7,368  $    7,213
Adjustment for:
  Net interest income            (3,653)     (3,371)    (14,292)    (13,092)
  Depreciation and
   amortization                     183         157         684         584
  Provisions for credit
   losses                           550         551       2,412       1,942
  Equity-settled share-based
   payment expense                    -           2           7          14
  Net gain on sale of
   investment securities            (96)       (182)       (534)       (639)
  Net gain on disposition of
   business                           -           -        (116)          -
  Net income from
   investments in associated
   corporations                    (117)        (96)       (414)       (405)
  Income tax expense                540         445       2,030       1,853
  Restructuring charge                -           -         378           -
Changes in operating assets
 and liabilities:
  Trading assets                 (3,830)      4,238     (10,044)     20,302
  Securities purchased under
   resale agreements and
   securities borrowed            1,239          99      (5,363)     13,991
  Loans                          (3,615)     (9,265)    (20,355)    (22,942)
  Deposits                      (26,509)       (807)      6,702      13,915
  Obligations related to
   securities sold short          2,528      (3,162)      4,007      (8,101)
  Obligations related to
   assets sold under
   repurchase agreements and
   securities lent                1,844        (516)     20,865     (18,982)
  Net derivative financial
   instruments                   (2,331)      2,687      (3,806)      2,442
  Other, net                      2,305      (3,402)      1,856       4,707
Dividends received                  135         217         873       1,147
Interest received                 5,480       4,846      21,099      19,145
Interest paid                    (1,875)     (1,644)     (7,787)     (7,262)
Income tax paid                      47        (352)     (1,471)     (1,985)
----------------------------------------------------------------------------
Net cash from/(used in)
 operating activities           (25,164)     (7,712)      4,099      13,847
----------------------------------------------------------------------------

Cash flows from investing
 activities
Interest-bearing deposits
 with financial institutions     23,659       8,640      28,447      (8,448)
Purchase of investment
 securities                     (16,306)    (11,310)    (94,441)    (44,684)
Proceeds from sale and
 maturity of investment
 securities                      14,305       8,836      65,069      41,649
Acquisition/sale of
 subsidiaries, associated
 corporations or business
 units, net of cash acquired          -           -      (1,050)       (701)
Property and equipment, net
 of disposals                       (54)       (145)       (348)       (282)
Other, net                         (306)       (406)       (431)     (1,053)
----------------------------------------------------------------------------
Net cash from/(used in)
 investing activities            21,298       5,615      (2,754)    (13,519)
----------------------------------------------------------------------------

Cash flows from financing
 activities
Proceeds from issue of
 subordinated debentures              -          12       2,465       1,248
Redemption/ repayment of
 subordinated debentures              -         (12)     (1,035)        (18)
Proceeds from common shares
 issued                             199          22         391         101
Proceeds from preferred
 shares issued                      500           -       1,350           -
Redemption of preferred
 shares                               -           -        (690)          -
Common share purchased for
 cancellation                         -        (311)        (80)       (955)
Cash dividends paid                (924)       (870)     (3,598)     (3,406)
Distributions to non-
 controlling interests              (11)        (12)       (116)        (86)
Other, net                        3,381       3,112         117       3,379
----------------------------------------------------------------------------
Net cash from/(used in)
 financing activities             3,145       1,941      (1,196)        263
----------------------------------------------------------------------------
Effect of exchange rate
 changes on cash and cash
 equivalents                        121         (39)        (18)        305
----------------------------------------------------------------------------
Net change in cash and cash
 equivalents                       (600)       (195)        131         896
Cash and cash equivalents at
 beginning of period(1)           7,455       6,919       6,724       5,828
----------------------------------------------------------------------------
Cash and cash equivalents at
 end of year(1)              $    6,855  $    6,724  $    6,855  $    6,724
----------------------------------------------------------------------------
(1)  Represents cash and non-interest bearing deposits with financial
     institutions.

/T/

Basis of preparation

These unaudited consolidated financial statements were prepared in accordance with IFRS as issued by
International Accounting Standards Board (IASB) and accounting requirements of OSFI in accordance with Section
308 of the Bank Act, except for certain required disclosures. Therefore, these unaudited consolidated financial
statements should be read in conjunction with the Bank's audited consolidated financial statements for the year
ended October 31, 2016 which will be available today at www.scotiabank.com.

Forward looking statements

Our public communications often include oral or written forward-looking statements. Statements of this type are
included in this document, and may be included in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the
"safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements
made in this document, the Management's Discussion and Analysis in the Bank's 2016 Annual Report under the
headings "Overview-Outlook," for Group Financial Performance "Outlook," for each business segment "Outlook" and
in other statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory
environment in which the Bank operates, anticipated financial results (including those in the area of risk
management), and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such
statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intent,"
"estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs,
such as "will," "may," "should," "would" and "could."

By their very nature, forward-looking statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, and the risk that predictions and other forward-looking statements
will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important
factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict,
could cause actual results to differ materially from the estimates and intentions expressed in such forward-
looking statements. These factors include, but are not limited to: the economic and financial conditions in
Canada and globally; fluctuations in interest rates and currency values; liquidity and funding; significant
market volatility and interruptions; the failure of third parties to comply with their obligations to the Bank
and its affiliates; changes in monetary policy; legislative and regulatory developments in Canada and
elsewhere, including changes to, and interpretations of tax laws and risk-based capital guidelines and
reporting instructions and liquidity regulatory guidance; changes to the Bank's credit ratings; operational
(including technology) and infrastructure risks; reputational risks; the risk that the Bank's risk management
models may not take into account all relevant factors; the accuracy and completeness of information the Bank
receives on customers and counterparties; the timely development and introduction of new products and services
in receptive markets; the Bank's ability to expand existing distribution channels and to develop and realize
revenues from new distribution channels; the Bank's ability to complete and integrate acquisitions and its
other growth strategies; critical accounting estimates and the effects of changes in accounting policies and
methods used by the Bank as described in the Bank's annual financial statements (See "Controls and Accounting
Policies-Critical accounting estimates" in the Bank's 2016 Annual Report) and updated by this document;
global capital markets activity; the Bank's ability to attract and retain key executives; reliance on third
parties to provide components of the Bank's business infrastructure; unexpected changes in consumer spending
and saving habits; technological developments; fraud or other criminal behavior by internal or external
parties, including the use of new technologies in unprecedented ways to defraud the Bank or its customers;
increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information
or operational disruption; anti-money laundering; consolidation in the financial services sector in Canada and
globally; competition, both from new entrants and established competitors including through internet and mobile
banking; judicial and regulatory proceedings; natural disasters, including, but not limited to, earthquakes and
hurricanes, and disruptions to public infrastructure, such as transportation, communication, power or water
supply; the possible impact of international conflicts and other developments, including terrorist activities
and war; the effects of disease or illness on local, national or international economies; and the Bank's
anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's
business involves making loans or otherwise committing resources to specific companies, industries or
countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse
effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors
may cause the Bank's actual performance to differ materially from that contemplated by forward-looking
statements. For more information, see the "Risk Management" section of the Bank's 2016 Annual Report.

Material economic assumptions underlying the forward-looking statements contained in this document are set out
in the 2016 Annual Report under the heading "Overview-Outlook," as updated by this document; and for each
business segment "Outlook". The "Outlook" sections are based on the Bank's views and the actual outcome is
uncertain. Readers should consider the above-noted factors when reviewing these sections. The preceding list of
factors is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's
results. When relying on forward-looking statements to make decisions with respect to the Bank and its
securities, investors and others should carefully consider the preceding factors, other uncertainties and
potential events. The Bank does not undertake to update any forward-looking statements, whether written or
oral, that may be made from time to time by or on its behalf.

Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on
the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's website at www.sec.gov.

November 29, 2016

Shareholder and investor information

Direct deposit service

Shareholders may have dividends deposited directly into accounts held at financial institutions which are
members of the Canadian Payments Association. To arrange direct deposit service, please write to the transfer
agent.

Dividend and Share Purchase Plan

Scotiabank's dividend reinvestment and share purchase plan allows common and preferred shareholders to purchase
additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees.
As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares
of the Bank. All administrative costs of the plan are paid by the Bank. For more information on participation
in the plan, please contact the transfer agent.

Dividend dates for 2017

Record and payment dates for common and preferred shares, subject to approval by the Board of Directors.

/T/

Record Date                         Payment Date
January 3                           January 27
April 4                             April 26
July 4                              July 27
October 3                           October 27

/T/

Annual Meeting date for fiscal 2016

Shareholders are invited to attend the 185th Annual Meeting of Holders of Common Shares, to be held on April 4,
2017, at the Scotiabank Centre, Scotia Plaza, 40 King Street West, 2nd Floor, Toronto, Ontario, beginning at
9:00 a.m. local time. The record date for determining shareholders entitled to receive notice of and to vote at
the meeting will be the close of business on February 7, 2017.

Duplicated communication

If your shareholdings are registered under more than one name or address, multiple mailings will result. To
eliminate this duplication, please write to the transfer agent to combine the accounts.

Normal Course Issuer Bid

A copy of the Notice of Intention to commence the Normal Course Issuer Bid is available without charge by
contacting the Secretary's Department at (416) 866-3672.

Website

For information relating to Scotiabank and its services, visit us at our website: www.scotiabank.com.

Conference call and Web broadcast

The quarterly results conference call will take place on November 29, 2016, at 8:00 am EST and is expected to
last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by
telephone, toll-free, at (416) 847-6330 or 1-866-530-1553 (please call five to 15 minutes in advance). In
addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations
page of www.scotiabank.com. Following discussion of the results by Scotiabank executives, there will be a
question and answer session.

A telephone replay of the conference call will be available from November 29, 2016, to December 14, 2016, by
calling (647) 436-0148 or 1-888-203-1112 (North America toll-free) and entering the identification code
3242919#. The archived audio webcast will be available on the Bank's website for three months.

Contact information

/T/

Investors:                           Media:
Scotiabank                           Contact the Public, Corporate and
Scotia Plaza, 44 King Street West    Government Affairs Department
Toronto, Ontario, Canada M5H 1H1     Scotia Plaza, 44 King Street West
Telephone: (416) 775-0798            Toronto, Ontario, Canada M5H 1H1
Fax: (416) 866-7867                  Telephone: (416) 866-6806
E-mail:                              Fax: (416) 866-4988
[email protected]    E-mail:
                                     [email protected]
Shareholders:
For enquiries related to changes in
share registration or address,
dividend information, lost share
certificates, estate transfers, or
to advise of duplicate mailings,
please contact the Bank's transfer
agent:

Computershare Trust Company of       For other shareholder enquiries, please
Canada                               contact the Finance Department:
100 University Avenue, 8th Floor     Scotiabank
Toronto, Ontario, Canada M5J 2Y1     Scotia Plaza, 44 King Street West
Telephone: 1-877-982-8767            Toronto, Ontario, Canada M5H 1H1
Fax: 1-888-453-0330                  Telephone: (416) 866-4790
E-mail: [email protected]    Fax: (416) 866-4048
                                     E-mail:
Co-Transfer Agent (U.S.A.)           [email protected]
Computershare Trust Company N.A.
250 Royall Street
Canton, MA 02021 U.S.A.
Telephone: 1-800-962-4284

/T/

Rapport trimestriel disponible en francais

Le Rapport annuel et les etats financiers de la Banque sont publies en francais et en anglais et distribues aux
actionnaires dans la version de leur choix. Si vous preferez que la documentation vous concernant vous soit
adressee en francais, veuillez en informer Relations publiques, Affaires de la societe et Affaires
gouvernementales, La Banque de Nouvelle-Ecosse, Scotia Plaza, 44, rue King Ouest, Toronto (Ontario), Canada M5H
1H1, en joignant, si possible, l'etiquette d'adresse, afin que nous puissions prendre note du changement.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Jake Lawrence
Investor Relations
Scotiabank
(416) 866-5712

OR

Heather Armstrong
Public, Corporate and Government Affairs
Scotiabank
(416) 933-3250

INDUSTRY:  Financial Services-Commercial and Investment Banking, Financial Services-Investment Services and
Trading, Financial Services-Personal Finance, Financial Services-Retail Banking, Financial Services-Venture
Capital
SUBJECT:   ERN

-0-

Bank of Nova Scotia

a d v e r t i s e m e n t