Bank of Nova Scotia stock: Scotiabank lifts prime rate to 4.70%

Scotiabank announced on October 28, 2026, that it will increase its Canadian-dollar prime lending rate to 4.70 percent from 4.45 percent, effective October 29. The announcement was carried in a Financial Times company announcement sourced to Scotiabank.

What changed for Scotiabank

The move changes the benchmark used for Canadian-dollar lending products linked to the bank's prime rate. The announcement separates the effective date, October 29, from the communication date, October 28, so the adjustment was not yet in force when Scotiabank issued the notice.

For investors, the update is relevant because a higher prime rate changes pricing conditions for variable-rate credit. The announcement itself does not quantify the effect on net interest income, loan demand or earnings, so the rate change should be treated as a business update rather than a standalone earnings forecast.

Share price and investor context

The Bank of Nova Scotia stock was quoted at EUR 86.04 by Lang & Schwarz on October 29, 2026, at 16:36:08 Berlin time. This is a current euro quote; a matching dated Xetra close was not used for a daily comparison.

Scotiabank said it had approximately CAD 1.5 trillion in assets as of July 31, 2026, and trades on the Toronto Stock Exchange and the New York Stock Exchange. Investors will need subsequent results and management commentary to assess whether the rate environment changes the bank's lending income, funding costs or credit performance.

For a live market reference, see the real-time quote of Bank of Nova Scotia stock.

Canadian equities and broader market developments can be followed in the S&P/TSX Composite market environment.

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