TORONTO, April 30, 2012 /CNW/ - Grupo Scotiabank today announced results for the first quarter of 2012. Scotiabank Mexico's first quarter consolidated net income was Cdn$93 million (P$1,157 million), compared to Cdn$75 million (P$917 million) in the same quarter last year. The solid increase in earnings for the quarter was a result of loan growth, higher commissions and fees, stronger capital markets revenues and lower provision for credit losses. This was partially offset by lower net interest income as a result of tighter loan spreads and higher funding costs, and higher operating expenses in line with the growth initiatives.
These results are adjusted to reflect International Financial Reporting Standards (IFRS) prior to their inclusion in Scotiabank's second quarter 2012 financial results. Scotiabank Mexico's results included in Scotiabank's second quarter net income are estimated to be Cdn$83 million on an IFRS basis.
Scotiabank Mexico's locally reported results under Mexican GAAP do not differ materially when translated to IFRS for inclusion in the consolidated Scotiabank Group results. As a result, Scotiabank will no longer be providing this separate press release in subsequent quarters. Scotiabank Mexico's quarterly media release, however, will continue to be published in both English and Spanish for the next two quarters and following that in Spanish at www.scotiabank.com.mx.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 77,000 employees, Scotiabank Group and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $637 billion (as at January 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information:
Paula Cufre at (416) 866-4833, or firstname.lastname@example.org