TORONTO, July 3, 2026, 18:06 EDT
- The Bank of Nova Scotia (TSE:BNS) rose 1.04% to C$122.39 in Toronto, 1.9% below its 52-week high.
- Its 3.73% dividend yield stood 109 basis points above the median of five large Canadian bank peers.
- The TSX traded and rose 0.9%; the NYSE was shut for the Independence Day observance.
The Bank of Nova Scotia (TSE:BNS), which operates as Scotiabank, closed up C$1.26 at C$122.39 on Friday in Toronto, leaving the stock within 2% of the C$124.79 52-week high hit in June. Volume was 1.60 million shares, less than half its 4.16 million average shown by Google Finance.
The live price came from Canada. NYSE Group listed Friday as Independence Day observed for U.S. markets, while Canada’s S&P/TSX Composite Index ended up 308.17 points, or 0.9%, at 35,274.84.
The investor point is the yield gap. Scotiabank still paid the highest dividend yield among the six big Canadian banks in the latest Google Finance data, even as its share price sat near a one-year high. Its 3.73% yield was 109 basis points above the peer median of 2.64%; its 16.92 P/E was below the peer median of 18.96.
| Toronto-listed bank | July 3 close | 1-day move | Dividend yield | P/E | Below 52-week high |
|---|---|---|---|---|---|
| Bank of Nova Scotia (TSE:BNS) | C$122.39 | +1.04% | 3.73% | 16.92 | 1.9% |
| Royal Bank of Canada TSE:RY | C$290.38 | -0.02% | 2.42% | 18.86 | 2.2% |
| Toronto-Dominion Bank TSE:TD | C$170.01 | +0.44% | 2.64% | 20.06 | 1.7% |
| Bank of Montreal TSE:BMO | C$247.08 | +0.06% | 2.77% | 18.96 | 2.2% |
| Canadian Imperial Bank of Commerce TSE:CM | C$161.76 | +0.11% | 2.65% | 16.03 | 2.0% |
| National Bank of Canada (TSE:NA) | C$223.42 | +1.17% | 2.36% | 19.78 | 1.2% |
That matters because Scotiabank goes ex-dividend on July 7. The bank declared a C$1.14 quarterly common dividend, payable July 29 to shareholders of record at the close of business on July 7. Annualized, that is C$4.56 a share.
| Scotiabank dividend math | Figure |
|---|---|
| Quarterly dividend | C$1.14 |
| Annualized payout | C$4.56 |
| July 3 Toronto close | C$122.39 |
| Implied yield | 3.73% |
| Yield premium to peer median | 109 bps |
The stock is no longer priced as a washout yield trade. Scotiabank’s market value was C$150.72 billion, just C$2.75 billion above CIBC’s C$147.97 billion, while its P/E was less than one turn above CIBC’s 16.03.
The broader TSX bid came from resource stocks, not banks. Materials rose 2.4% as gold and copper climbed. “Lower rate expectations weaken the U.S. dollar, boost gold and benefit Canadian resource stocks,” said Matt Manara, executive vice president and portfolio manager at Avenue Investment Management, in a Reuters report. Reuters
Scotiabank’s May quarter is the base case behind the yield. The bank reported fiscal second-quarter net income of C$2.63 billion, up from C$2.03 billion a year earlier, and adjusted diluted EPS of C$2.02. Canadian Banking earnings rose 53% to C$935 million. Chief Executive Scott Thomson said the bank “remains on track to achieve its financial objectives for fiscal 2026.” Scotiabank – Press Releases
Credit is the part investors still have to pay for. Scotiabank’s provision for credit losses was C$1.22 billion in the quarter, down from C$1.40 billion a year earlier, but gross impaired loans rose to C$7.61 billion from C$7.25 billion in the prior quarter.
Scotiabank lists its fiscal third-quarter results date as Aug. 25.
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