Scotiabank says KeyCorp stake to add $77M to Q2 net income

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

TORONTO — Scotiabank says its stake in U.S. bank KeyCorp is expected to add about $77 million to its net income for its second quarter.

The Canadian bank says the contribution represents its share of KeyCorp’s first-quarter net income.

Adjusting for the amortization of acquired intangible assets, Scotiabank says its KeyCorp stake is expected to add about $85 million to its adjusted net income.

Scotiabank bought a stake in KeyCorp in 2024 in a bid to grow its foothold in the U.S. market.

KeyCorp has a network of about 950 branches across 15 states.

Scotiabank is expected to report its full second-quarter results on May 27.

This report by The Canadian Press was first published April 17, 2026.