TORONTO, Feb. 25 /CNW/ - Grupo Scotiabank today announced results for
the fourth quarter of 2010. Scotiabank Mexico's fourth quarter
consolidated net income was Cdn$72 million (P$878 million), compared to
Cdn$71 million (P$868 million) in the same quarter last year. The main
drivers of these results were higher net interest income and lower
credit provisions offset by the impact of higher operating expenses and
lower non-interest income. Scotiabank Mexico's capital ratio remained
strong at 17.8% compared to 16.7% in the same quarter last year.
These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's first quarter 2011 financial results.
Scotiabank Mexico's contribution to Scotiabank's first quarter net
income is estimated to be Cdn$63 million on a Canadian GAAP basis.
Scotiabank Mexico's media release announcing the results can be found at
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $526 billion (as at
October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information:
Ann DeRabbie at (416) 933-1344, or email@example.com