TORONTO, July 30 /CNW/ - Grupo Scotiabank today announced results for the second quarter of 2010. Scotiabank Mexico's second quarter consolidated net income was Cdn$54 million (P$660 million), compared to Cdn$32 million (P$372 million) in the same quarter last year. This increase was due mainly to the effect of the loss on sale of a portion of the credit card portfolio in the second quarter last year. Excluding the effect of the credit card sale, the main drivers of these results were higher net interest income and slightly lower credit losses, partially offset by the impact of higher operating expenses. Scotiabank Mexico's capital ratio remained strong at 17.3% compared to 16.0% in the same quarter last year.
These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's third quarter 2010 financial results. Scotiabank Mexico's contribution to Scotiabank's third quarter net income is estimated to be Cdn$47 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 close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 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 more than $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
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