Scotiabank Mexico Announces Second Quarter Results



    TORONTO, July 31 /CNW/ - Grupo Scotiabank today announced solid results
for the second quarter of 2008 which were driven by continued asset and
deposit growth, and strong non-interest revenue growth. Scotiabank Mexico's
second quarter consolidated net income was Cdn$80 million (P$798 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's third quarter 2008 financial results. Scotiabank
estimates Scotiabank Mexico's second quarter earnings to translate into third
quarter 2008 net income of approximately Cdn$104 million on a Canadian GAAP
basis. The translation adjustment to Canadian GAAP income includes a gain
recognized in relation to the IPO of the Mexican Stock Exchange.
    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 60,000 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 $453 billion in assets (as at April 30, 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: please contact Krista Pawley at (416) 866-3703,
or Krista_pawley@scotiacapital.com


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