2011 Outlook
Higher Expenses: Growth Initiatives & Seasonality
Non-Interest Expenses
($ millions)
2,183
2,064
2,023
Year-over-Year
Expenses up 6%
- Higher salaries and employee benefits
- Higher technology and advertising spending to
support business growth
1,097
1,191
1,126
394
411
384
"
573
513
581
Q4/09
Q3/10
Q4/10
Salaries & employee benefits
■Premises & technology
Other
Scotiabank
Quarter-over-Quarter
Expenses up 8%
Higher performance and stock based
compensation
- Seasonally higher advertising, technology and
professional fees
Strengthened Capital Ratios
11.7
11.8
11.2
11.2
10.7
9.6
9.3
8.8
8.8
8.2
Q4/09
Q1/10
Q2/10
Q3/10
Q4/10
TCE (%)
Tier 1 (%)
2010 Summary:
•
Internal capital generation of $2,015MM (vs. $1,371MM in 2009)
Stock issued under DRIP: $619MM (vs. $511MM in 2009)
Scotiabank
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