Bank of Nova Scotia announced its expectation that its strategic stake in KeyCorp will contribute approximately C$62 million ($44.7 million) to its net income for the fiscal second quarter. This figure includes acquisition-related and other accounting impacts.
Adjusting for the amortization of acquired intangible assets, the anticipated adjusted net income contribution from KeyCorp is forecast at about C$71 million for the quarter. This highlights the tangible financial benefits derived from the investment.
Scotiabank completed its acquisition of an almost 15% interest in KeyCorp in late December, aiming to strengthen its foothold in the U.S. market. This projected contribution underscores the positive financial impact of that strategic investment on KeyCorp's earnings trajectory.
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