Scotiabank Mexico Announces Third Quarter Results

TORONTO , Oct. 30 /CNW/ - Grupo Scotiabank today announced results for the third quarter of 2009. Continued underlying mortgage growth, higher non-interest income and lower provisions for credit losses were more than offset by the impact of falling market rates on interest income, higher expenses and a higher effective tax rate. Scotiabank Mexico's third quarter consolidated net income was Cdn$49 million (P$592 million).

These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's fourth quarter 2009 financial results. Scotiabank Mexico's contribution to Scotiabank's fourth quarter net income is estimated to be Cdn$51 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 69,000 employees, Scotiabank Group and its affiliates serve approximately 12.8 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 $485 billion in assets (as at July 31 , 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Ann DeRabbie at [phone], or [email protected]