Bank of Nova Scotia has received regulatory approval to nearly triple the scale of its share repurchase program, expanding its limit to repurchase up to 40 million shares for cancellation.

The Canadian lender said on Friday that the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions have approved its plan to buy back up to 3.25% of its public float.

From when the normal course issuer bid began in April until the end of August, Scotiabank had repurchased about 13.04 million of its previous 15 million share limit.

Shares have been performing well in 2026, rising about 27% since the year began to close Thursday at 129.02 Canadian dollars ($90.71).

At Thursday's closing price, the value of the added shares to its repurchase program would be worth about C$3.23 billion.

The effective date of the amendment is Oct. 6, the company said.