Scotiabank Mexico Announces Third Quarter Results



    TORONTO, Oct. 31 /CNW/ - Grupo Scotiabank today announced solid results
for the third quarter of 2007 driven by continued asset and deposit growth,
improved margins, increased non-interest revenues and well controlled
expenses. Scotiabank Mexico's third quarter consolidated net income was
Cdn$132 million (P$1,391 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's fourth quarter 2007 financial results. Scotiabank
estimates Scotiabank Mexico's third quarter earnings to translate into fourth
quarter net income of approximately Cdn$108 million on a Canadian GAAP basis.
    Scotiabank Mexico's media release announcing the results can be found at
http://www.scotiabank.com.mx/Quienes/Info_coporativa/estados_financieros/Estad
os_financieros.htm.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With almost 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12 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 $408 billion in assets (as at July 31, 2007), 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: Joe Konecny at (416) 933-1795 or at
joe_konecny@scotiacapital.com


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