Scotiabank Q2 2009 Financial Performance Review
Scotiabank
Scotia Capital
Record Quarter, Despite Rise in PCLS
Net Income
($ millions)
300
255
328
Q2/08
Q1/09
Q2/09
Q2/09 vs. Q1/09 net income: up 9%
+ revenues up 20%
+ record quarter in Global Capital Markets
+ higher spreads & loan origination fees, partly
offset by small decrease in average loans
+ expenses down 21%
+ lower performance based compensation
PCLs up $149MM, $50MM auto sectoral provision
Q2/09 vs. Q2/08 net income: up 29%
+ revenues up 57%
-
+ near record fixed income, very strong institutional
equity, record precious metals revenues
+ significantly higher loan volumes, wider spreads
+ positive impact of forex translation
+ expenses down 5%
+ lower performance based compensation
PCLs up $168MM
Scotiabank
Net Income
($ millions)
Q2/08
Q1/09 Q2/09
(32)
(198)
(284)
17
Other Segment*
Q2/09 vs. Q1/09 net income
+ higher securitization revenues
+ change in fair value of financial instruments
+ lower net securities write-downs
$27MM increase in general allowance
Q2/09 vs. Q2/08 net income
relatively higher term funding costs compared
to declining transfer pricing rates
- write-downs on AFS securities
+ higher securitization revenues
+ change in fair value of financial instruments
includes Group Treasury and other corporate items, which are not allocated to a business line
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