The Bank of Nova Scotia BNS-T says its ownership stake in U.S. bank KeyCorp KEY-N will contribute about $62-million to its second-quarter net income.
The bank says the amount represents its share of KeyCorp’s first-quarter net income.
Adjusting for the amortization of acquired intangible assets, Scotiabank says the adjusted net income contribution from KeyCorp will be about $71-million.
Scotiabank is expected to report its second-quarter results on May 27.
The Canadian bank completed a two-part deal to buy a 14.9 per cent stake in U.S. bank KeyCorp in December last year.
KeyCorp operates in 15 states, with about 1,000 branches offering commercial and retail banking and investment advice and services.