The Bank of Nova Scotia (BNS) 6-K Consolidated Capitalization of the Bank

Exhibit 99.2

Computation of Consolidated Ratio of Earnings

($ in million)	IFRS
	Q1, 2025		2024		2023		2022		2021		2020
Excluding interest on deposits
Earnings
Income from continuing operations before income taxes		1,719		9,924		9,671		12,932		12,826		8,396
less: gain from investees		113		198		153		268		339		242
		1,606		9,726		9,518		12,664		12,487		8,154
Fixed charges		719		2,927		2,912		2,649		1,560		1,661
Earnings		2,325		12,653		12,430		15,313		14,047		9,815
Fixed charges
Interest expense		719		2,927		2,912		2,649		1,560		1,661
Fixed charges		719		2,927		2,912		2,649		1,560		1,661
Preference security dividend requirements(1)		211		594		544		330		300		240
Fixed charges and preferred dividends		930		3,521		3,456		2,979		1,860		1,901
Ratio of earnings to fixed charges		3.23		4.32		4.27		5.78		9.00		5.91
Ratio of earnings to combined fixed charges and preferred dividends		2.50		3.59		3.60		5.14		7.55		5.16
Including interest on deposits
Earnings
Income from continuing operations before income taxes		1,719		9,924		9,671		12,932		12,826		8,396
less: gain from investees		113		198		153		268		339		242
		1,606		9,726		9,518		12,664		12,487		8,154
Fixed charges		9,807		42,407		38,562		15,443		8,025		12,392
Earnings		11,413		52,133		48,080		28,107		20,512		20,546
Fixed charges
Interest expense		9,807		42,407		38,562		15,443		8,025		12,392
Fixed charges		9,807		42,407		38,562		15,443		8,025		12,392
Preference security dividend requirements(1)		211		594		544		330		300		240
Fixed charges and preferred dividends		10,018		43,001		39,106		15,773		8,325		12,632
Ratio of earnings to fixed charges		1.16		1.23		1.25		1.82		2.56		1.66
Ratio of earnings to combined fixed charges and preferred dividends		1.14		1.21		1.23		1.78		2.46		1.63

Note (1) Preference security dividend requirements include the amount of pre-tax earnings that is required to pay the dividends on outstanding preferred shares and other equity instruments.