Bank of Nova Scotia (BNS), Canada’s third-largest bank, took home four awards in the inaugural Global Finance Sustainable Finance Awards.
The bank was recognized in the following categories: Outstanding Leadership in Sustainability Transparency, Outstanding Leadership in Sustainable Project Finance, Financial Leadership in Sustaining Communities, and Outstanding Global Leadership in Sustainability Transparency. (See Bank of Nova Scotia stock charts on TipRanks)
Jake Lawrence, group head and CEO of Global Banking and Markets at Scotiabank said, “ESG has become increasingly important to Scotiabank’s investors, our customers, our employees, and our communities around the globe and demonstrating action on ESG has become a moral, market and business imperative.
“We are committed to supporting our clients with industry-leading advice and expertise to help them achieve strong business growth that is environmentally and socially responsible.”
Global Finance also recognized Scotiabank for its ScotiaRISE program. Through this program, launched in 2021, Scotiabank has devoted C$500 million over 10 years to the economic resilience of disadvantaged groups.
Earlier this year, Scotiabank set up the Net Zero Research Fund with the aim of advancing pioneering research and action for the decarbonization of the planet.
On August 15, RBC Capital analyst Darko Mihelic maintained a Buy rating on BNS with an C$86 price target. This implies 8.9% upside potential.
The rest of the Street is cautiously optimistic on BNS with a Moderate Buy consensus rating based on six Buys and four Holds. The average Bank of Nova Scotia price target of C$87.44 implies 10.1% upside potential to current levels.
TipRanks’ Smart Score
Bank of Nova Scotia scores a 9 out of 10 on the TipRanks Smart Score rating system, indicating that the stock has strong potential to outperform the overall market.
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