Investor Presentaiton
Stable Net Interest Margin
(%)
1.68
1.52
1.76
1.74
1.71
Q4/08 Q1/09
Q2/09 Q3/09
Q4/09
Q4 margin benefited from...
• Asset re-pricing
• Lower non-earning assets
Offset by...
• Negative impact of financial
instruments
Scotiabank
13
Higher Expenses: Growth Initiatives & Seasonality
Non-Interest Expenses
($ millions)
2,064
1,944
1,959
1,097
1,058
1,093
394
382
382
573
504
484
Q4/09 vs. Q4/08 Expenses
- Higher performance & stock-based compensation
- Impact of acquisitions
Increased capital taxes
$23MM relating to VISA rewards points
+ Positive impact of FX
Q4/09 vs. Q3/09 Expenses
Higher performance & stock-based compensation
Seasonally higher advertising & business
development spending
Increased professional fees
$23MM relating to VISA rewards points
Q4/08
Q3/09
Q4/09
+ Positive impact of FX
Salaries & employee benefits
Premises & technology
Other
Scotiabank
14View entire presentation