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TORONTO —Scotiabank says it expects its holdings in U.S. bank KeyCorp to add about $61 million in income to its third-quarter results.
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The bank says that adjusted profits should be about $68 million, after factoring in the amortization of acquired intangible assets.
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Scotiabank bought a 14.9 per cent stake in KeyCorp in 2024 for about US$2.8 billion in cash to grow its foothold in the U.S. market.
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KeyCorp reported results Tuesday that showed a 63 per cent jump in income to US$387 million as its net interest income rose and it said business activity continues to accelerate.
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Cleveland, Ohio-based KeyCorp operates in 15 states and had assets of US$185 billion as of the end of June.
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Scotiabank reports its third-quarter results on Aug. 26.
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