Scotiabank provides update on COVID-19-related customer assistance programs
"Our customer assistance programs are working effectively across all of our markets," said
The updated disclosure is available on the Bank's Investor Relations website.
Key highlights (as at
$39 billionof active deferral exposure, down from $41.5 billionas of July 31, 2020. Active deferral exposure includes: mortgages of $37.3 billion, auto loans of $1.3 billion, credit cards of $0.1 billion, and other personal loans of $0.3 billion. Of deferrals which have expired, 96.8% of customers remain current on their payments.
- For customers whose mortgage deferrals have expired, 99% are current on their payments. For customers with active mortgage deferrals, approximately 40% are insured while the balance of uninsured mortgages have FICO scores on average greater than 750.
- 77% of Canadian Personal Loan deferrals were for auto loans, reflecting Scotiabank's leading market share in automotive lending, and 94% of customers whose personal loan deferrals have expired remain current on their payments.
$12 billionof active deferral exposure, down from $18.1 billionas of July 31, 2020. 92% of international retail customers remain current on their payments on deferrals that have expired.
Commercial and Small Business:
The following figures relate to active deferral exposure and exclude amounts related to covenant relief requests. This differs from previous disclosures but is in line with industry practice.
Canada: $1.6 billionof active deferral exposure, down from $1.9 billionas of July 31, 2020.
International: $7.5 billion of active deferral exposure, down from
$8.3 billionas of July 31, 2020.
Throughout the pandemic, Scotiabank has strived to support its customers with assistance programs for individuals and businesses that have helped to alleviate some of the challenges brought on by COVID-19.
Scotiabank is a leading bank in the