Q3/09 Financial Performance Overview
Scotiabank
Net Income
($ millions)
470
328
297
Q3/08
Q2/09
Scotiabank
Q3/09
Scotia Capital
Record Quarter
Q3/09 vs. Q2/09 net income: up 43%
+ revenues up 30%
+ record quarter in GCM
+ record quarter in GCIB
+ higher spreads, loan origination & credit fees
-
partly offset by decrease in average loans
negative impact of forex translation
+ PCLs down $53MM
+ Q2/09 $50MM sectoral
- expenses up 15%
+higher performance based compensation
Q3/09 vs. Q3/08 net income: up 58%
+ revenues up 69%
+ very strong results in GCM
+ loan growth, with significantly wider spreads
+higher loan origination, credit fees
+ FV changes in securities
+ positive impact of forex
PCLs up $102MM, from low level in Q3/08
expenses up 5%
+ higher technology costs, legal provisions & support
costs, offset by lower performance based comp.
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Other Segment (1)
($MM)
Q3/08
Q2/09
Q3/09
Funding Net Interest Income
(72)
(115)
(151)
Net Securitization Revenues (2)
(12)
67
(96)
AFS Securities Write-downs (3)
(23)
(97)
(95)
General Provision
(27)
(100)
Expenses & Net Other Items
(13)
(35)
(41)
Taxes (Excl. TEB Offset)
35
9
132
Total Other
(85)
(198)
(351)
(1) includes Group Treasury and other corporate items, which are not allocated to a business line
(2) represents the impact to the Bank of CMB securitization revenues recognized in other income, and the reduction in
mortgage net interest income earned by the Bank as a result of removing the mortgages from the Balance Sheet
(3) represents the portion of the Bank's AFS securities write-downs which were reported in the Other segment
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