Global Wealth Management: 2012 Outlook
8
Record Revenue
Revenue (TEB)
($ millions)
4,715
4,262
4,322
835
499
•
760
1,489
1,500
1,244
2,258
2,334
2,380
Q1/11
Q4/11
Q1/12
Other Operating Income (TEB)
Net Fee and Commission Revenues
Net Interest Income (TEB)
Scotiabank
Year-over-Year
Net interest income up 5%
+ Asset growth
- Margin compression
Net fee and commission revenues up 21%
+ Impact from acquisitions
- Lower underwriting revenue
Other operating income up 10%
+ Higher trading revenues
- Lower contributions from associated corporations
Quarter-over-Quarter
Net interest income up 2%
+ Asset growth
Net fee and commission revenues up 1%
+ Higher underwriting and transaction-based fees
- Lower brokerage revenues
Other operating income up 67%
+ Gain on sale of Calgary real estate asset
+ Higher trading revenues
- Lower contributions from associated corporations
Continue to Manage Expenses Prudently
Non-Interest Expenses
($ millions)
2,489
2,507
2,249
727
692
629
366
392
345
Year-over-Year
Expenses up 11%
- Acquisitions accounted for over 80% of increase
- Higher expenses mainly to support business
growth
+ Prior year included $35MM gain from the wind-up
of subsidiary's pension plan
Excluding impact of acquisitions, pension gain
and real estate gain, operating leverage was
+2.0%
1,275
1,370
1,449
Q1/11
Q4/11
Q1/12
Other
Premises & technology
Salaries & employee benefits
Scotiabank
.
Quarter-over-Quarter
Expenses up 1%
+ Decrease in advertising and technology costs
- Higher compensation due to higher staffing levels
and seasonally higher stock-based compensation
Excluding real estate gain and impact of
acquisitions, operating leverage was +6.5%View entire presentation