Scotiabank reports its third-quarter results on Aug. 26.Jeff McIntosh/The Canadian Press
Scotiabank (BNS-T) says it expects its holdings in U.S. bank KeyCorp (KEY-N) to add about $61-million in income to its third-quarter results.
The bank says that adjusted profits should be about $68-million, after factoring in the amortization of acquired intangible assets.
Scotiabank bought a 14.9 per cent stake in KeyCorp in 2024 for about US$2.8-billion in cash to grow its foothold in the U.S. market.
KeyCorp reported results Tuesday that showed a 63 per cent jump in income to US$387-million as its net interest income rose and it said business activity continues to accelerate.
Cleveland, Ohio-based KeyCorp operates in 15 states and had assets of US$185-billion as of the end of June.
Scotiabank reports its third-quarter results on Aug. 26.