TORONTO – Scotiabank says it expects its holdings in U.S. bank KeyCorp to add about $61 million in income to its third-quarter results.
The bank says that adjusted profits should be about $68 million, after factoring in the amortization of acquired intangible assets.
Scotiabank bought a 14.9 per cent stake in KeyCorp in 2024 for about US$2.8 billion in cash to grow its foothold in the U.S. market.
KeyCorp reported results Tuesday that showed a 63 per cent jump in income to US$387 million as its net interest income rose and it said business activity continues to accelerate.
Cleveland, Ohio-based KeyCorp operates in 15 states and had assets of US$185 billion as of the end of June.
Scotiabank reports its third-quarter results on Aug. 26.
This report by The Canadian Press was first published July 23, 2025.
Companies in this story: (TSX:BNS)
