Scotiabank Mexico Announces Third Quarter Results



    TORONTO, Oct. 31 /CNW/ - Grupo Scotiabank today announced results for the
third quarter of 2008 with full taxation and rising credit provisions more
than offsetting the strong revenue growth driven by continued increases in
assets and deposits, improving margins and solid growth in non-interest
revenue. Scotiabank Mexico's third quarter consolidated net income was
Cdn$75 million (P$755 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's fourth quarter 2008 financial results. Scotiabank
estimates Scotiabank Mexico's third quarter earnings to translate into fourth
quarter 2008 net income of approximately Cdn$74 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 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 $462 billion in assets (as at July 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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