Scotiabank says KeyCorp results will add about $62M to its second-quarter net income

KeyCorp adds to net income

Photo: The Canadian Press

A Scotiabank sign is shown on a shopping mall in Ottawa on Thursday, June 27, 2024. THE CANADIAN PRESS/Sean Kilpatrick

Scotiabank says its ownership stake in U.S. bank KeyCorp will contribute about $62 million to its second-quarter net income.

The Canadian 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.

This report by The Canadian Press was first published April 28, 2025.

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