Bank of Nova Scotia Expects One-Time Earnings Hit From Chile Tax Rate Cut

09:19 AM EDT, 10/21/2026 (MT Newswires) -- Bank of Nova Scotia (BNS) said Wednesday it expects a tax rate cut by the Chilean government to reduce the Q4 reported and adjusted earnings of the bank and its international banking segment by about CA$55 million ($39.2 million). The Chilean government recently approved a reduction in the corporate income tax rate by 4% over the next three years to 23%, which will result in a one-time deferred tax asset write-down, the bank said. Bank of Nova Scotia also said it expects a Q4 net income contribution of CA$96 million from its ownership interest in KeyCorp (KEY). Adjusted for the amortization of acquired intangible assets, the adjusted net income contribution from KeyCorp will be around CA$104 million, the bank said.