Scotiabank dividend: payout, coverage and yield
Scotiabank pays a quarterly dividend, and its earnings covered common dividends while leaving earnings retained after buybacks. The dividend outlook depends on earnings growth, credit costs and capital.
How much does Scotiabank pay its shareholders?
The base dividend rises from the current annual rate of C$4.56 to C$4.72, C$4.88 and C$5.04. That follows the history of annual increases and the 40%–50% payout target, but keeps growth modest because FY2025 EPS was C$5.67 and credit provisions were C$4,714 million.
The bear dividend holds at C$4.56 before falling to C$4.32 and remaining there. The bull reaches C$4.80, C$5.12 and C$5.44 because earnings and capital recover faster. The current C$1.14 quarterly dividend supports the starting point.
| Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 5.67 | 5.87 | 5.72 | 8.02 | 7.70 |
| − Dividends, per share | 4.30 | 4.22 | 4.16 | 4.02 | 3.57 |
| = Kept, per share | 0.82 | 1.69 | 1.59 | 1.59 | 4.10 |
Is Scotiabank’s dividend covered by its cash?
Across 2021–2025, earnings for common shareholders totalled C$40.535 billion. Common dividends used C$24.799 billion, while buybacks used C$3.768 billion. That left C$11.968 billion on the earnings-less-distributions calculation.
| Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| = Earnings for common shareholders | 7,283 | 7,286 | 6,919 | 9,656 | 9,391 |
| − Dividends declared on common shares | 5,369 | 5,198 | 5,003 | 4,858 | 4,371 |
| − Share buybacks | 895 | 0 | 0 | 2,873 | 0 |
| = Kept to grow and build capital | 1,019 | 2,088 | 1,916 | 1,925 | 5,020 |
What could change Scotiabank’s dividend?
The forecast would move toward the bear case if mortgage and consumer stress raises provisions during FY2027–FY2029, or if International Banking’s higher credit costs persist through FY2028. Technology and simplification spending would also be negative if the productivity ratio stays above management’s 50% target; the latest adjusted ratio was 52.5%.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 81,400 (80,100 / 81,800) | 84,750 (81,500 / 85,550) | 88,550 (82,800 / 89,850) |
| Shares (millions) | 1,206 (1,213 / 1,199) | 1,199 (1,212 / 1,185) | 1,192 (1,212 / 1,172) |
| Dividends per share | 4.72 (4.56 / 4.80) | 4.88 (4.32 / 5.12) | 5.04 (4.32 / 5.44) |
| Price to book value | 1.65 (1.35 / 1.80) | 1.65 (1.25 / 1.95) | 1.60 (1.15 / 2.10) |
What is Scotiabank’s dividend yield at its current share price?
Five-year tables show revenue reaching C$37,741 million in FY2025 while reported ROE was 9.7%. Net interest margin was 2.3% against C$4,714 million of provisions, and CET1—the core capital cushion before depositors are affected—was 13.2%. Diluted EPS was C$5.67 as diluted average shares rose 1.3%; valuation was 16.5x trailing P/E and 1.9x price-to-book, with a 3.6% dividend yield.