Scotiabank Earnings Report

Scotiabank Domestic another good quarter - net income, $ millions 272 262 264 Q3/02 Q2/03 Q3/03 ■ Continued strong growth in retail products yr/yr ➤ residential mortgages up 8% ➤ revolving credit up 19% ➤ core deposits up 13% ■ Some margin compression ☐ Very good credit quality 17 Scotiabank Scotia Capital – near record earnings net income, $ millions 56 193 169 Q3/02 Q2/03 Q3/03 ■ Credit quality stabilizing ➤ provisions down $220 million yr/yr ➤ provisions down $39 million qtr/qtr ■ Non-interest revenue up 16% yr/yr ➤ record underwriting fees and foreign exchange ☐ Narrower funding margins Lending assets down 23% yr/yr 18

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