The Bank of Nova Scotia BNS reported first-quarter fiscal 2021 (ended Jan 31) adjusted net income of C$2.4 billion ($1.9 billion), up 3.2% year over year. Results excluded certain one-time items.Decline in provisions and expenses were positives. Also, strong capital and profitability ratios were driving factors. However, decline in revenues was discouraging.Revenues Decline, Expenses FallTotal revenues were C$8.1 billion ($6.3 billion) in the quarter, down nearly 1% year over year. The upswing stemmed from a fall in interest and non-interest income.Net interest income was C$4.4 billion ($3.4 billion), down about 1% from the prior-year quarter. Non-interest income declined marginally from the year-ago quarter to C$3.7 billion ($2.9 billion).Adjusted non-interest expenses were C$4.2 billion ($3.3 billion), down 4.8% year over year.Adjusted provision for credit losses declined 17.5% to C$764 million ($593 million) on a year-over-year basis.Strong Balance SheetAs of Jan 31, 2021, Scotia Bank’s total assets were C$1.16 trillion ($0.9 trillion), up 2.4% from the prior quarter. Deposits came in at C$768 billion ($596.7 billion), increasing 2.4% sequentially.Total loans were C$620.6 billion ($482.1 billion), up 1.6% from the previous quarter. Assets under administration were up 9.9% from the year-ago quarter to C$546 billion ($424.2 billion).Healthy Capital and Profitability RatiosAs of Jan 31, 2021, Common Equity Tier 1 ratio was 12.2% compared with 11.4% as of Jan 31, 2020. Further, total capital ratio was 15.7% compared with the prior-year figure of 14.6%.Return on equity for the reported quarter was 14.2%, stable with the year-earlier quarter.Our ViewpointA diversified product mix and strong capital position will help Scotia Bank grow organically as well as through acquisitions. Though the coronavirus pandemic’s impact are concerning, the export-driven economy of Canada will likely benefit from the anticipated recovery of the U.S. economy, in turn, aiding the company’s sustainable growth over the long run.Bank of Nova Scotia The Price and Consensus Bank of Nova Scotia The price-consensus-chart | Bank of Nova Scotia The QuoteScotia Bank currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Competitive LandscapeBarclays BCS reported fourth-quarter 2020 net income attributable to ordinary equity holders of £220 million ($290.5 million), down 67.7% from the prior-year quarter.UBS Group AG UBS recorded fourth-quarter 2020 net profit attributable to shareholders of $1.71 billion, up significantly from the prior-year quarter’s $722 million.HSBC Holdings HSBC delivered fourth-quarter 2020 pre-tax profit of $1.4 billion against a pre-tax loss of $3.9 billion posted in the prior-year quarter.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of Nova Scotia The (BNS): Free Stock Analysis Report UBS Group AG (UBS): Free Stock Analysis Report Barclays PLC (BCS): Free Stock Analysis Report HSBC Holdings plc (HSBC): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research