Scotiabank reports record results


(official press release)

Third quarter highlights compared to the same period a year ago:

– Earnings per share (diluted) of $0.93 grew significantly from $0.77, up 21%
– Return on equity of 22.8%, increased from 19.9%
– Productivity ratio of 53.8%, improved from 56.4%

TORONTO, Aug. 29 /CNW/ – Strong revenue growth driven by higher asset volumes across Scotiabank’s three business lines, due in part to several recent strategic acquisitions, led to record earnings in the third quarter of 2006.
Scotiabank reported earnings per share (diluted) of $0.93 for the quarter, up a strong 21% from $0.77 for the same period last year. Net income rose to $936 million in the third quarter, an increase of 19% over last year.

"The quarter reflected strong growth in sustainable revenue – one of our key strategic priorities," said Rick Waugh, President and CEO. "All three business lines – Domestic Banking, Scotia Capital and International Banking -contributed to this quarter’s record results, including recent acquisitions such as the mortgage business of Maple Financial Group and the purchase of two banks in Peru. Highlighting our success was a 16% increase in total assets over the first nine months of the year, representing broad-based growth in retail, commercial and corporate portfolios. In addition, both International
and Scotia Capital continue to demonstrate their ability to earn through the
negative impact of foreign currency translation.