Scotiabank Mexico Announces Fourth Quarter Results

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 http://www.scotiabank.com.mx.

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.

SOURCE Scotiabank

For further information:

Ann DeRabbie at (416) 933-1344, or ann_derabbie@scotiacapital.com


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