After a period of planning and communicating a strategic refresh, 2024 was the year when Scotiabank’s new strategy began in earnest. It is already showing the benefits in its funding base, fee income, and geographic priorities.
On the funding side, retail deposits and investments grew 6% year-on-year, while the bank added 280,000 primary retail customers in 2024. Its productivity ratio also saw a sharp improvement, freeing up capacity for investment in the business.
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