Q3/06 Earnings Report

Scotiabank Scotiabank $ millions Business Line Results 13 Domestic Banking Solid performance % Change vs. Q3/06 Q3/05 Q2/06 Total revenue $1,412 4% 3% Provision for credit losses 69 10 (22) Non-interest expenses 879 7 4 Net Income available to common $319 8 shareholders Average assets ($B) $139 11 5 Return on Equity 26% Year/Year: Net income unchanged strong retail asset growth offset by higher expenses and margin compression Quarter/Quarter: Net income up 8% ■ 5% asset growth, lower provisions in commercial banking 14

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