BNS Bank Nova Scotia Halifax

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

THE BANK OF NOVA SCOTIA

(Name of registrant)

40 Temperance Street,

Toronto, Ontario, M5H 0B4

(416) 933-4103

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐   Form 40-F ☒

This report on Form 6-K shall be deemed to be incorporated by reference in The Bank of Nova Scotia’s registration statements on Form S-8 (File No. 333-177640) and Form F-3 (File No. 333-282565) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EXHIBIT INDEX

Exhibit 99.1

Fourth Quarter 2024 Earnings Release

Scotiabank reports fourth quarter and 2024 results

Fiscal 2024 Performance versus Medium-Term Financial Objectives

The following table provides a summary of our 2024 performance against our medium-term financial objectives⁽³⁾:

TORONTO, December 3, 2024 — Scotiabank reported net income of $7,892 million for the fiscal year 2024, compared with net income of $7,450 million in 2023. Diluted earnings per share (EPS) were $5.87, compared to $5.72 in the previous year. Return on equity was 10.2%, compared to 10.3% in the previous year.

Reported net income for the fourth quarter ended October 31, 2024 was $1,689 million compared to $1,354 million in the same period last year. Diluted EPS were $1.22, compared to $0.99 in the same period a year ago. Return on equity was 8.3% compared to 7.0% a year ago.

This quarter’s net income included adjusting items of $430 million after-tax. These included impairment charges of $379 million related to the Bank’s investment in associate with Bank of Xi’an Co Ltd. in China, as well as certain software intangible assets, and severance provisions of $38 million related to the Bank’s continued efforts to focus on operational excellence.

Adjusted net income⁽²⁾ was $8,627 million for the fiscal year 2024, up from $8,363 million in the previous year and adjusted diluted EPS were $6.47 versus $6.48 in the previous year. Adjusted return on equity was 11.3% compared to 11.6% in the previous year.

Adjusted net income⁽²⁾ for the fourth quarter ended October 31, 2024 was $2,119 million and adjusted diluted EPS were $1.57, compared to $1.23 last year. Adjusted return on equity was 10.6% compared to 8.7% a year ago.

“2024 was a foundational year for Scotiabank as we launched and made early progress against our new strategy. The Bank delivered solid revenue growth and positive full year operating leverage, while redeploying capital to our priority markets across the North American corridor,” said Scott Thomson, President and Chief Executive Officer of Scotiabank.

Canadian Banking delivered adjusted earnings⁽²⁾ of $4,277 million in 2024, up 7% from the prior year. Revenue was supported by double-digit growth in net interest income from volume growth and margin expansion. Expenses were well-managed, resulting in positive operating leverage for the year.

International Banking generated adjusted earnings⁽²⁾ of $2,862 million in 2024, up 11% year-over-year. Solid revenue growth, driven by margin expansion, continued expense discipline and the favourable impact of foreign exchange, were partly offset by higher provision for credit losses. Strong positive operating leverage of 5% reflected the significant impact of productivity initiatives in the region.

Global Wealth Management generated adjusted earnings⁽²⁾ of $1,612 million in 2024, up 10% year-over-year. The business delivered strong revenue growth driven by fee revenue from assets under management of $373 billion, up 18% year-over-year, and higher net interest income across our Canadian and International Wealth businesses.

Global Banking and Markets reported earnings of $1,688 million in 2024. Higher fee revenue and lower provision for credit losses were more than offset by lower net interest income driven by lower loan balances and higher expenses to support business growth.

The Bank reported a Common Equity Tier 1 (CET1) capital ratio⁽⁴⁾ of 13.1%, up from 13.0% last year and continued to maintain strong liquidity metrics.

“While I am encouraged by our strategic progress to date, there is significant work ahead as we focus on client primacy initiatives to drive enhanced profitability across our businesses. I am confident that we are on track to achieve the targets we laid out at our Investor Day for 2025,” continued Mr. Thomson. “I would like to thank our global team of Scotiabankers for their efforts and contributions as we continue to execute on our enterprise strategy in the coming year.”

Financial Highlights 

Impact of Foreign Currency Translation

Adoption of IFRS 17

On November 1, 2023, the Bank adopted IFRS 17 Insurance Contracts, which provides a comprehensive principle-based framework for the recognition, measurement, presentation, and disclosure of insurance contracts and replaces IFRS 4, the previous accounting standard for insurance contracts. As required by the standard, the Bank adopted IFRS 17 on a retrospective basis, restating the results from the transition date of November 1, 2022. Accordingly, results for fiscal 2023 have been restated to reflect the IFRS 17 basis of accounting for insurance contracts. Refer to Note 4 of the consolidated financial statements in the Bank’s 2024 Annual Report for details.

Group Financial Performance

Net income

Q4 2024 vs Q4 2023

Net income was $1,689 million compared to $1,354 million, an increase of 25%. The increase was driven mainly by higher net interest income and lower provision for credit losses and non-interest expenses, partly offset by higher provision for income taxes. Adjusted net income was $2,119 million compared to $1,643 million, an increase of 29%, due mainly to higher revenues and lower provision for credit losses, partly offset by higher provision for income taxes.

Q4 2024 vs Q3 2024

Net income was $1,689 million compared to $1,912 million, a decrease of 12%. The decrease was due mainly to higher non-interest expenses and provision for income taxes, partly offset by higher revenues. Adjusted net income was $2,119 million compared to $2,191 million, a decrease of 3%, due mainly to higher provision for income taxes.

Total revenue

Q4 2024 vs Q4 2023

Revenues were $8,526 million compared to $8,272 million, an increase of 3%. Adjusted revenues were $8,526 million compared to $7,905 million, an increase of 8%.

Net interest income was $4,923 million, an increase of $257 million or 6%, due primarily to loan growth inclusive of the conversion of bankers’ acceptances to loans resulting from the cessation of CDOR in June 2024 (“BA conversion”). This was partly offset by the negative impact of foreign currency translation. The net interest margin was 2.15%, in line with the prior year.

Non-interest income was $3,603 million, a decrease of $3 million. Adjusted non-interest income was $3,603 million, an increase of $364 million or 11%. The increase was due mainly to higher trading revenues, wealth management revenues, other fees and commissions, and insurance revenue, partly offset by lower bankers’ acceptance fees related to the BA conversion, as well as the negative impact of foreign currency translation.

Q4 2024 vs Q3 2024

Revenues were $8,526 million compared to $8,364 million, an increase of 2%. Adjusted revenues were $8,526 million compared to $8,507 million.

Net interest income increased $61 million or 1%, due mainly to loan growth inclusive of the impact of BA conversion, partly offset by the negative impact of foreign currency translation. The net interest margin increased one basis point driven mainly by a higher contribution from asset/liability management activities related to lower funding costs and lower losses from hedges, partly offset by lower margins in Canadian Banking, and lower levels of higher yielding loans in International Banking.

Non-interest income increased $101 million or 3%. Adjusted non-interest income declined $42 million or 1%. The decrease was due mainly to lower bankers’ acceptance fees related to the BA conversion, lower underwriting and advisory fees, and the negative impact of foreign currency translation, partly offset by higher other fees and commissions, higher trading revenues, and higher wealth management revenues.

Provision for credit losses

Q4 2024 vs Q4 2023

The provision for credit losses was $1,030 million, compared to $1,256 million, a decrease of $226 million. The provision for credit losses ratio decreased 11 basis points to 54 basis points.

The provision for credit losses on performing loans was a net reversal of $13 million, compared to a provision taken of $454 million. The provision reversal this period was driven by retail credit migration to impaired, mainly in Mexico and Peru, as well as the impact of interest rate cuts, mainly on the mortgage and auto loan portfolios in Canada, and the improved macroeconomic outlook. This was partly offset by credit migration in the commercial and corporate portfolios and retail unsecured lines. The higher provision last year was driven primarily by the unfavourable macroeconomic outlook and uncertainty, resulting in migration in retail and certain sectors in commercial and corporate portfolios.

The provision for credit losses on impaired loans was $1,043 million, compared to $802 million, an increase of $241 million or 30% due primarily to higher formations in Canadian Banking retail and commercial portfolios. There were also higher formations in International Banking retail portfolios, mostly in Mexico, Chile and Colombia. The provision for credit losses ratio on impaired loans was 55 basis points, an increase of 13 basis points.

Q4 2024 vs Q3 2024

The provision for credit losses decreased $22 million from $1,052 million, primarily in International Banking. The provision for credit losses ratio decreased one basis point to 54 basis points.

The provision for credit losses on performing loans was a net reversal of $13 million, compared to a provision taken of $82 million, a decrease of $95 million. The decrease was mostly in Canadian Banking reflecting the favorable impact of interest rate cuts and the improved macroeconomic outlook relating to the commercial portfolio. This was partly offset by credit migration in the commercial and corporate portfolios and retail unsecured lines.

The provision for credit losses on impaired loans was $1,043 million, compared to $970 million, an increase of $73 million or 8%, due primarily to higher formations in Canadian Banking retail and commercial portfolios. This was partly offset by lower retail provisions in International Banking, mainly in Colombia, Chile and Peru due to lower formations. The provision for credit losses ratio on impaired loans was 55 basis points, an increase of four basis points.

Non-interest expenses

Q4 2024 vs Q4 2023

Non-interest expenses were $5,296 million, a decrease of 4%. Adjusted non-interest expenses were $4,784 million, an increase of $63 million or 1%, driven by higher performance-based compensation, technology-related costs, personnel costs, advertising costs, and business and capital taxes. This was partly offset by the favourable impact of foreign currency translation, lower communications expenses and share-based compensation.

The productivity ratio was 62.1% compared to 66.8%. The adjusted productivity ratio was 56.1% compared to 59.7%.

Q4 2024 vs Q3 2024

Non-interest expenses increased by $347 million or 7%. Adjusted non-interest expenses increased marginally by $21 million. The increase was due to higher technology-related costs, performance-based compensation, advertising, and professional fees. Partly offsetting were lower other employee benefits and the favourable impact of foreign currency translation.

The productivity ratio was 62.1% compared to 59.2%. The adjusted productivity ratio was 56.1% compared to 56.0%.

Provision for income taxes

Q4 2024 vs Q4 2023

The effective tax rate was 23.2% compared to 9.1% due primarily to lower tax-exempt income, lower income in lower tax jurisdictions, and the benefit of divestitures in the prior year. The lower tax-exempt income reflects the impact of the denial of the dividend received deduction measure enacted during the year as part of Federal Budget Implementation Act Bill C-59. In line with the provisions of this measure, effective January 1, 2024, the Bank no longer claims the dividend received deduction on Canadian shares that are mark-to-market property. On an adjusted basis, the effective rate was 21.8% compared to 14.8% due primarily to lower tax-exempt income and lower income in lower tax jurisdictions.

Q4 2024 vs Q3 2024

The effective tax rate was 23.2% compared to 19.1% due primarily to the impairment charge on Bank of Xi’an Co. Ltd, lower income in lower tax jurisdictions and adjustments related to prior year taxes. This was partly offset by higher non-deductible expenses in the prior quarter. On an adjusted basis, the effective tax rate was 21.8% compared to 18.6% due primarily to lower income in lower tax jurisdictions and adjustments related to prior year taxes.

Capital Ratios

The Bank continues to maintain strong, high quality capital levels which position it well for future business growth and opportunities. The CET1 ratio as at October 31, 2024 was 13.1%, an increase of approximately 10 basis points from the prior year. The ratio benefited from internal capital generation, share issuances under the Bank’s Shareholder Dividend and Share Purchase Plan, and revaluation gains on FVOCI securities, partly offset by the adoption impacts from the revised Basel III FRTB market and CVA capital requirements, RWA growth and the Bank’s initial investment in KeyCorp.

The Bank’s Tier 1 capital ratio was 15.0% as at October 31, 2024, an increase of approximately 20 basis points from the prior year, due primarily to the above noted impacts to the CET1 ratio and a U.S. $750 million issuance of Limited Recourse Capital Notes partly offset by a redemption of $300 million of preferred shares.

The Bank’s Total capital ratio was 16.7% as at October 31, 2024, a decrease of approximately 50 basis points from 2023, due primarily to redemptions of $3.25 billion of subordinated debentures, partly offset by the issuance of $1 billion of subordinated debentures and the above noted impacts to the Tier 1 capital ratio.

The TLAC ratio was 29.7% as at October 31, 2024, a decrease of approximately 90 basis points from the prior year, primarily from higher RWA.

The Leverage ratio was 4.4% as at October 31, 2024, an increase of 20 basis points from the prior year, due primarily to growth in Tier 1 capital.

The TLAC Leverage ratio was 8.8%, an increase of approximately 20 basis points from 2023, due primarily to higher available TLAC.

The Bank’s capital, leverage and TLAC ratios continue to be in excess of OSFI’s minimum capital ratio requirements for 2024. In 2025, the Bank will continue to maintain strong capital ratios, continuing to optimize capital deployment in line with its strategic plans while absorbing the impact of the Bank’s increased investment in KeyCorp.

Business Segment Review

Canadian Banking

Net income

Q4 2024 vs Q4 2023

Net income attributable to equity holders was $1,061 million, compared to $793 million. Adjusted net income attributable to equity holders was $1,062 million, an increase of $269 million or 34%. The increase was due primarily to lower provision for credit losses and higher revenue, partly offset by higher non-interest expenses.

Q4 2024 vs Q3 2024

Net income attributable to equity holders declined $49 million or 4%. The decline was due primarily to higher non-interest expenses and provision for credit losses, partly offset by higher revenues.

Total revenue

Q4 2024 vs Q4 2023

Revenues were $3,487 million, an increase of $175 million or 5%.

Net interest income of $2,803 million increased $240 million or 9% due primarily to asset and deposit growth, and the benefit from the BA conversion. The net interest margin of 2.47% was unchanged from the prior year, as higher loan margins were largely offset by lower deposit margins, reflecting the impact of Bank of Canada’s recent rate cuts.

Non-interest income of $684 million declined $65 million or 9% due to lower banking fees, including the impact of the BA conversion, and the sale of the Bank’s equity interest in Canadian Tire Financial Services last year, partly offset by higher mutual fund distribution fees and insurance revenue.

Q4 2024 vs Q3 2024

Revenues increased $7 million.

Net interest income increased $51 million or 2% due primarily to loan and deposit growth and the benefit from the BA conversion, partly offset by margin compression. The net interest margin decreased five basis points to 2.47% driven by changes in business mix and lower deposit margins, reflecting the impact of Bank of Canada’s recent rate cuts.

Non-interest income decreased $44 million or 6%. The decrease was due primarily to lower banking fees including the impact of the BA conversion, and elevated private equity gains in the prior quarter, partly offset by higher foreign exchange fees and mutual fund distribution fees.

Provision for credit losses

Q4 2024 vs Q4 2023

The provision for credit losses was $450 million, compared to $700 million. The provision for credit losses ratio decreased 23 basis points to 40 basis points.

The provision for credit losses on performing loans was a net reversal of $11 million, compared to a provision of $414 million. The provision reversal this period was driven by the impact of interest rate cuts, mainly related to mortgages and auto loans. This was partly offset by credit migration in the unsecured lines and commercial portfolio. The higher provision last year was related to retail and commercial portfolios and was due mainly to the unfavourable macroeconomic outlook.

Provision for credit losses on impaired loans was $461 million, compared to $286 million, due primarily to higher retail formations across most products, as well as higher commercial provisions, mainly related to one account. The provision for credit losses ratio on impaired loans was 41 basis points, an increase of 15 basis points.

Q4 2024 vs Q3 2024

The provision for credit losses was $450 million, compared to $435 million. The provision for credit losses ratio increased one basis point to 40 basis points.

The provision for credit losses on performing loans was a net reversal of $11 million, compared to a provision of $97 million. The provision reversal this period was driven by the impact of interest rate cuts, mainly related to mortgages and auto loans and the favourable macroeconomic outlook relating to the commercial portfolio. This was partly offset by credit migration in the unsecured lines and commercial portfolio.

Provision for credit losses on impaired loans was $461 million, compared to $338 million, driven primarily by higher retail formations across most products, as well as higher commercial provisions, mainly related to one account. The provision for credit losses ratio on impaired loans was 41 basis points, an increase of 11 basis points.

Non-interest expenses

Q4 2024 vs Q4 2023

Non-interest expenses were $1,576 million, an increase of $63 million or 4%, due primarily to higher technology, professional, advertising, and business development costs to support the Bank’s strategy and drive business growth.

Q4 2024 vs Q3 2024

Non-interest expenses increased by $50 million or 3%, due primarily to higher advertising and business development costs, professional fees, and personnel costs to support the Bank’s strategy and drive business growth.

Provision for income taxes

The effective tax rate was 27.4% for the quarter, compared to 27.8% in the prior year and 26.9% in the prior quarter.

Average assets

Q4 2024 vs Q4 2023

Average assets increased $10 billion to $457 billion. The growth included $5 billion or 6% in business loans and acceptances, $4 billion or 1% in residential mortgages, $1 billion or 12% in credit card loans, and $1 billion or 1% in personal loans.

Q4 2024 vs Q3 2024

Average assets increased $6 billion or 1%. The growth included $4 billion or 1% in residential mortgages, and $1 billion or 1% in business loans and acceptances.

Average liabilities

Q4 2024 vs Q4 2023

Average liabilities decreased $1 billion to $385 billion. The decrease was due primarily to a reduction of $29 billion in bankers’ acceptances liabilities, partly offset by growth of $15 billion or 11% in non-personal deposits, primarily in demand accounts, and $11 billion or 5% in personal deposits, primarily in term products.

Q4 2024 vs Q3 2024

Average liabilities decreased $4 billion or 1%. The decrease was due primarily to a reduction of $12 billion in bankers’ acceptances liabilities, partly offset by growth of $4 billion or 3% in non-personal deposits, primarily in demand accounts, and $4 billion or 2% in personal deposits, in both term and demand accounts.

International Banking

Net income

Q4 2024 vs Q4 2023

Net income attributable to equity holders increased $80 million to $628 million. Adjusted net income attributable to equity holders increased $78 million to $634 million. The increase was driven by higher non-interest income, lower non-interest expenses and higher net interest income, partly offset by higher provision for credit losses, the negative impact of foreign currency translation and higher provision for income taxes.

Q4 2024 vs Q3 2024

Net income attributable to equity holders decreased $41 million or 6%. Adjusted net income attributable to equity holders decreased $40 million or 6%. Lower net interest income, non-interest income, and the negative impact of foreign currency translation partly offset by lower non-interest expenses, provision for credit losses and provision for income taxes.

Financial Performance on a Constant Dollar Basis

International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure (refer to Non-GAAP Measures starting on page 21). Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment. The tables below are computed on a basis that is different than the “Impact of foreign currency translation” table on page 4. Ratios are on a reported basis.

The discussion below on the results of operations is on a constant dollar basis.

Reported results on a constant dollar basis

Adjusted results on a constant dollar basis

Net income

Q4 2024 vs Q4 2023

Net income attributable to equity holders was $628 million, up $97 million or 18% and adjusted net income attributable to equity holders was $634 million, up $96 million or 18%. The increase was driven by higher net interest income and non-interest income, partly offset by higher provision for credit losses, non-interest expenses and provision for income taxes.

Q4 2024 vs Q3 2024

Net income attributable to equity holders decreased $25 million or 4%. Adjusted net income attributable to equity holders decreased $25 million or 4%. The decrease was due primarily to lower non-interest income and net interest income, partly offset by lower provision for credit losses.

Total revenue

Q4 2024 vs Q4 2023

Revenues were $2,887 million compared to $2,689 million, an increase of $198 million or 7%.

Net interest income was $2,151 million, an increase of $97 million or 5%, driven by margin expansion. Net interest margin increased by 25 basis points to 4.42%, driven by lower cost of funds and changes in business mix.

Non-interest income was $736 million, an increase of $101 million, driven by higher banking fees in Mexico and higher trading revenues in Chile.

Q4 2024 vs Q3 2024

Revenues decreased $30 million or 1%.

Net interest income decreased by $12 million or 1%, driven mainly by lower volumes in Brazil and Chile. Net interest margin was in line with the prior quarter, as lower funding costs were offset by changes in business mix.

Non-interest income decreased by $18 million or 2%, driven mainly by lower capital markets revenue in Brazil.

Provision for credit losses

Q4 2024 vs Q4 2023

The provision for credit losses was $556 million compared to $496 million, an increase of $60 million. The provision for credit losses ratio increased 18 basis points to 137 basis points.

Provision for credit losses on performing loans was a net reversal of $20 million, compared to a provision of $7 million. The provision reversal this period was driven primarily by retail credit migration to impaired, mainly in Mexico and Peru. This was partly offset by higher commercial provisions due to the continued unfavourable macroeconomic outlook, as well as retail portfolio growth, primarily in Mexico.

Provision for credit losses on impaired loans was $576 million, compared to $489 million, an increase of $87 million, driven by higher retail formations, primarily in Mexico, Chile and Colombia. The provision for credit losses ratio on impaired loans was 142 basis points, an increase of 24 basis points.

Q4 2024 vs Q3 2024

The provision for credit losses was $556 million, compared to $569 million, a decrease of $13 million. The provision for credit losses ratio was 137 basis points, a decrease of two basis points.

Provision for credit losses on performing loans was a net reversal of $20 million, compared to a net reversal of $28 million. The provision reversal this period was driven primarily by retail credit migration to impaired, mainly in Mexico and Peru. This was partly offset by higher commercial provisions due to the continued unfavourable macroeconomic outlook, as well as retail portfolio growth primarily in Mexico.

Provision for credit losses on impaired loans was $576 million, compared to $597 million, a decrease of $21 million due primarily to lower retail provisions driven by lower formations, mostly in Colombia and Chile, partly offset by higher retail provisions in Mexico due to credit migration. The provision for credit losses ratio on impaired loans decreased four basis points to 142 basis points.

Non-interest expenses

Q4 2024 vs Q4 2023

Non-interest expenses were $1,486 million, an increase of $17 million or 1%. Adjusted non-interest expenses were $1,477 million, an increase of $17 million or 1%, driven mainly by higher salaries and employee benefits and premises and depreciation. The business continues to see the benefits of efficiency initiatives.

Q4 2024 vs Q3 2024

Non-interest expenses were $1,486 million. Adjusted non-interest expenses decreased $1 million from $1,478 million, driven by lower salaries and employee benefits, and business expenses from restructuring and savings initiatives, partly offset by higher depreciation and amortization in Mexico.

Provision for income taxes

Q4 2024 vs Q4 2023

The effective tax rate was 20.6%, compared to 22.5%. On an adjusted basis, the effective tax rate was 20.6% compared to 22.6%, due primarily to higher inflationary adjustments in Mexico and Chile this period.

Q4 2024 vs Q3 2024

The effective tax rate was 20.6%, compared to 20.1%, due primarily to changes in the earnings mix.

Average assets

Q4 2024 vs Q4 2023

Average assets were $225 billion, down $6 billion or 3%. Total loans decreased 2%, primarily in Brazil, Peru, and Chile. The decrease included a 7% reduction in business loans, partly offset by an increase of 5% in residential mortgages.

Q4 2024 vs Q3 2024

Average assets were $225 billion, down $2 billion or 1%. Loans decreased 1%, primarily in Mexico and Peru. The decrease included a 2% reduction in business loans, partly offset by an increase of 1% in residential mortgages.

Average liabilities

Q4 2024 vs Q4 2023

Average liabilities were $172 billion, down $5 billion or 3%. Other liabilities decreased by $3 billion or 6% and total deposits decreased by $2 billion or 1%, primarily in Brazil, partly offset by Peru and Colombia. The decrease included a 3% reduction in non-personal deposits, partly offset by an increase of 1% in personal deposits.

Q4 2024 vs Q3 2024

Average liabilities were $172 billion, down $2 billion or 1%. Total deposits decreased by $3 billion or 2%, primarily in Mexico and Colombia. The decrease included 3% in non-personal deposits.

Global Wealth Management