Scotiabank says its stake in U.S. bank KeyCorp is expected to add $82 million in net income for its third quarter.
The Canadian bank says the amount represents its share of KeyCorp’s second-quarter net income.
Adjusting for about $8 million in amortization of acquired intangible assets, Scotiabank says the adjusted net income contribution from KeyCorp will be about $90 million.
Scotiabank is expected to release its third-quarter results on Aug. 25.
It bought a stake in KeyCorp in 2024 in a bid to grow its foothold in the U.S. market.
KeyCorp has about 950 branches across 15 states.