TORONTO, Feb. 29, 2012 /CNW/ - Grupo Scotiabank today announced results for the fourth quarter of 2011. Scotiabank Mexico's fourth quarter consolidated net income was Cdn$62 million (P$831 million), compared to Cdn$72 million (P$878 million) in the same quarter last year. The decrease for the quarter was a result of lower net interest income and higher operating expenses, partially offset by higher non-interest revenues and lower provisions for credit losses.
These results are adjusted to reflect International Financial Reporting Standards (IFRS) prior to their inclusion in Scotiabank's first quarter 2012 financial results. Scotiabank Mexico's results included in Scotiabank's first quarter net income are estimated to be Cdn$64 million on an IFRS basis.
Scotiabank Mexico's media release announcing the results can be found at www.scotiabank.com.mx.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 75,000 employees, Scotiabank Group and its affiliates serve over 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 $590 billion (as at October 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
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