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Scotiabank discloses certain items impacting Q1 results

Toronto-based Bank of Nova Scotia disclosed certain items that will cumulatively benefit its first-quarter reported results by about C$175 million after tax.

The bank realized a net gain of about C$410 million after tax on the sale of its 49% interest in Thailand-based Thanachart Bank PCL, which will be recorded in the first-quarter income statement.

In determining its allowance for credit losses, Scotiabank has added an additional, more pessimistic scenario, consistent with the developing practice among major international banks to apply International Financial Reporting Standards 9, combined with the bank's approach to expected credit loss provisioning. Scotiabank estimates that this addition will increase the allowance for credit losses of C$5.1 billion by about C$150 million, or about C$110 million after tax.

The bank also expects an after-tax charge of about C$90 million, or about C$120 million pre-tax, to be recorded in the first-quarter income statement from the enhancement of its fair value methodology primarily relating to uncollateralized over-the-counter derivatives.

Additionally, Scotiabank identified one software asset that depends on embedded third-party software which must be replaced, as the software will be discontinued and vendor support will subsequently be unavailable at the end of 2020. The bank will record an after-tax impairment charge of about C$35 million, or about C$50 million pre-tax, in the first-quarter income statement.