false2023-01-31Q10000009631--10-31The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.Excludes debt investment securities measured at amortized cost of $24,195 (October 31, 2022 – $23,610).Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 6).Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position.Excludes allowance for credit losses of $91 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.Excludes allowance for credit losses of $151 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Additional interest income of approximately $86 would have been recorded if the above loans had not been classified as impaired (January 31, 2022 – $61).Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.Net of allowances of $1 (October 31, 2022 – $1).Excludes allowance for credit losses of $ 155 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.Stage 3 includes purchased or originated credit-impaired loans. Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due.For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period.Represents the date of the most recent financial statements made available to the Bank by the associates’ management.Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value.All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts.Includes $138 (October 31, 2022 – $156) of non-interest-bearing deposits.Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts.This measure has been disclosed in this document in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018).This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).Represents principal amount owed net of write-offs. Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $556 (October 31, 2022 – $489). The market value of the investment has remained below the carrying amount. The Bank performed an impairment test as at January 31, 2023 using a value in use (VIU), discounted cash flow model. The Bank concluded that there is no impairment as at January 31, 2023.The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of January 31, 2023, these reserves amounted to $0 (October 31, 2022 – $67).All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. In the absence of legislated changes, all other assumptions are updated annually.Deposits denominated in U.S. dollars amount to $335,247 (October 31, 2022 – $326,041), deposits denominated in Chilean pesos amount to $21,103 (October 31, 2022 – $18,740), deposits denominated in Mexican pesos amount to $31,034 (October 31, 2022 – $29,269) and deposits denominated in other foreign currencies amount to $115,591 (October 31, 2022 – $106,817).As at January 31, 2023 and October 31, 2022, the Bank did not have a regulatory capital floor add-on for CET1, Tier 1, Total capital and TLAC RWA.This measure has been disclosed in this document in accordance with OSFI Guideline – Leverage Requirements (November 2018). 0000009631 2022-11-01 2023-01-31 0000009631 2022-08-01 2022-10-31 0000009631 2021-11-01 2022-01-31 0000009631 2022-10-31 0000009631 2023-01-31 0000009631 2022-01-31 0000009631 2021-11-01 2022-10-31 0000009631 2022-12-15 2022-12-15 0000009631 2021-10-31 0000009631 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
Form
6-K
 
 
Report of Foreign Private Issuer
Pursuant to Rule
13a-16
or
15d-16
of
the Securities Exchange Act of 1934
 
 
For the month of: February, 2023
Commission File Number:
002-09048
 
 
THE BANK OF NOVA SCOTIA
(Name of registrant)
40 Temperance Street, Toronto, Ontario, M5H 0B4
(416)
933-4103
(Address of Principal Executive Offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
Form
20-F  ☐
                    Form
40-F  ☒
This report on Form
6-K
shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form
S-8
(File
No. 333-199099)
and Form
F-3
(File
No. 333-261476)
and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
 
 
 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
THE BANK OF NOVA SCOTIA
Date: February 28, 2023
 
 
By:
 
/s/ Roula Kataras
 
 
 
Name: Roula Kataras
 
 
 
Title: Senior Vice-President and Chief Accountant

EXHIBIT INDEX
 
Exhibit
  
Description of Exhibit
99.1
  
2023 First Quarter Report to Shareholders
101
  
Interactive Data File (formatted as Inline XBRL)
104
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)