Q1 2022 Financial Performance

CA: Growth in Household Credit Total household credit growth, in annual nominal terms, had slowed considerably since the 2007 peak of 13.4% y/y. But household credit growth has picked up rapidly throughout 2021, reaching 8.2% y/y for the rolling quarter ending Nov. 2021, the highest rate since late-2010. • Consumer loans excluding mortgages (i.e., cards, HELOCS, unsecured lines, auto loans, etc.) fell by -0.6% y/y for the rolling quarter ending Nov. 2021. Consumer loan growth has trended downward since late-2000 highs of over 16.6% y/y, and declined further during the pandemic on refinancing into secured credit, but the most recent two quarters reflect signs of strengthening consumer demand and spending. Mortgage credit grew at 10.4% y/y in the rolling quarter ending Nov. 2021 vs the 2007 peak of 14.1% y/y. Underlying demand, pandemic-induced moves, and relatively low five-year rates have driven a rebound in the pace of growth. 20 Household Credit Growth %, 3-month moving average y/y % 15 10 change 15 10 220505 -5 Consumer Loan Growth %, 3-month moving average y/y % change Residential Mortgage Growth 20 %, 3-month moving average 15 yly% change 10 m/m% 5 change, SA 0 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. -10 -15 m/m% change, SA 5 m/m% change, SA -20 0 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. 01 03 05 07 09 11 13 15 17 19 21 Sources: Scotiabank Economics, Statistics Canada. 68

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