Scotiabank Mexico Announces First Quarter Results

TORONTO, April 30 /CNW/ - Grupo Scotiabank today announced results for the first quarter of 2010. Scotiabank Mexico's first quarter consolidated net income was Cdn$70 million (P$853 million), compared to Cdn$43 million (P$488 million) in the same quarter last year. Higher net interest income and a decline in credit losses were partially offset by lower non-interest revenues compared to the same period last year. Scotiabank Mexico's capital ratio remained strong at 17.4% compared to 15.0% in the same quarter last year.

These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's second quarter 2010 financial results. Scotiabank Mexico's contribution to Scotiabank's second quarter net income is estimated to be Cdn$76 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 $507 billion in assets (as at January 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Lauren Mostowyk at [phone], or [email protected]