Scotiabank Mexico Announces Fourth Quarter Results



    TORONTO, Feb. 27 /CNW/ - Grupo Scotiabank today announced results for the
fourth quarter of 2008 reflecting strong revenue growth driven by continued
increases in assets and deposits, improving margins and solid growth in
non-interest revenue. This was more than offset by full taxation and rising
credit provisions. Scotiabank Mexico's fourth quarter consolidated net income
was Cdn$45 million (P$501 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's first quarter 2009 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 69,000 employees, Scotiabank Group and
its affiliates serve approximately 12.5 million customers in some 50 countries
around the world. Scotiabank offers a diverse range of products and services
including personal, commercial, corporate and investment banking. With $508
billion in assets (as at October 31, 2008), Scotiabank trades on the Toronto
(BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.





For further information:

For further information: Krista Pawley at (416) 866-3703, or
krista_pawley@scotiacapital.com


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