Scotiabank in 2023 acquired a minority stake in U.S. bank KeyCorp, which on Thursday reported net income of US$454-million.Spencer Colby/The Canadian Press
Scotiabank BNS-T says it expects its investment in U.S. bank KeyCorp KEY-N will contribute about $74-million to its net income for the fourth quarter.
The Canadian bank says KeyCorp’s contribution to its adjusted net income will be about $82-million after adjusting for the amortization of acquired intangible assets.
Scotiabank bought a 14.9-per-cent stake in KeyCorp in 2024 in a bid to grow its foothold in the U.S. market.
KeyCorp reported Thursday net income from continuing operations attributable to shareholders of US$454-million or 41 cents US per diluted common share.
The U.S. bank operates in 15 states and has a network of roughly 1,000 branches.
Scotiabank expects to release its fourth-quarter financial results on Dec. 2.