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EPS of $1.57 missed estimates of $1.59; revenue of $8.52B missed estimates of $8.61B. Scotiabank is cautious across its North American operations due to uncertainties yet expects economic conditions to improve. It targets 5-7% earnings growth in fiscal 2025 -- below consensus of 8% -- including a higher tax rate (23-24%) but excluding a potential pickup from the KeyCorp investment. To reach 2028 goals, the bank will need to accelerate client-primacy adoption. Wealth could remain strong as domestic banking and markets stay healthy, while the international segment may weaken. Net interest income might improve due to lower funding costs and balances growth. Scotiabank is positioned for lower rates. Management expects 2025's total provisions ratio to be in the mid-50s bps, elevated in 1H and improving toward year-end. This is consistent with prior caution, and 2H progress will be key. The miss is unfortunate, but overall not a disaster. It will take some glow off the stock but the stock is cheap and next year's growth should still be quite decent.