The Bank of Nova Scotia (NYSE:BNS) Q2 2020 Earnings Conference Call - Final Transcript

May 26, 2020 • 08:00 am ET


The Bank of Nova Scotia (NYSE:BNS) Q2 2020 Earnings Conference Call - Final Transcript


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Philip Smith

Good morning, and welcome to Scotiabank's 2020 second quarter results presentation. My name is Philip Smith, Senior Vice President of Investor Relations.

Presenting to you this morning is Brian Porter, Scotiabank's President and Chief Executive Officer; Raj Viswanathan, our Chief Financial Officer; and Daniel Moore, our Chief Risk Officer. Following our comments, we will be glad to take your questions.

Also present to take questions this morning are the following Scotiabank executives, Dan Rees from Canadian Banking; Nacho Deschamps from International Banking; Jake Lawrence and James Neate from Global Banking and Markets; and Glen Gowland from Global Wealth Management.

Before we start, and on behalf of those speaking today, I will refer you to Slide 2 of our presentation, which contains Scotiabank's caution regarding forward-looking statements.

With that, I will now turn the call over to Brian Porter.

Brian J. Porter

Thank you, Phil, and good morning, everyone. I would like to begin my remarks today by discussing the COVID-19 pandemic and the impact it has had on our employees, our customers and the communities we serve.

Firstly, I would like to sincerely thank our customers for their loyalty, patience and understanding. As your bank, we are here to support you. I would also like to recognize our employees, their dedication and commitment in support of our customers. Whether it is in our branches, call centers or our operation centers, Scotiabank employees have gone above and beyond to provide service, advice and relief to millions of loyal Scotiabank customers.

On behalf of the Bank's leadership team, I would like to extend my sincere thanks to all our employees for providing customers with the critical banking services they need. We are proud and appreciative of their efforts.

I would also like to recognize the very strong policy response from the Bank of Canada and the Government of Canada. The response to the crisis has been swift and characterized by a high level of coordination and cooperation between policymakers and the banking sector.

Since the pandemic began, the Bank was quick to recognize the threat and adapt quickly. We maintained a close to normal operations as possible to support our customers, while also ensuring the safety of our employees. We have a business continuity planning beginning in late February as the threat of the pandemic became more apparent.

Our considerable technology investments in recent years has played a key role in our response to the crisis and our operational resilience. It has allowed over 80% of our employees, excluding branch staff to shift quickly and smoothly to remote work environments, while our technology teams have rapidly developed new online tools to assist customers with relief programs. The net result is that digital banking has emerged as the most popular service channel for our customers during the pandemic.

We have also supported our customers by keeping approximately 90% of our global branch network open with appropriate safety measures and by adding capacity to our call centers.

I have often said the role of banking is to act