Investor Presentaiton
Scotiabank
Scotiabank Mexico
Lower Contribution in Q1
($ millions)
Q1/08
Q4/07
Q/Q
Contribution
$117
$128 $(11)
(Mexican GAAP)
Comments
• Growth in retail assets more
than offset by higher PCLs &
lower government lending
Canadian GAAP
$(49)
$(19)
$(30)
adjustments
⚫Q1 includes write-down of
future tax asset
Q4 includes VISA gain
Contribution to BNS
$68
$109
$(41)
Scotiabank
Net Income
($ millions)
1,020
954
9
Financial Performance
Overview
Q1/08 vs. Q1/07 net income: down 18%
■ Revenues down 8%:
835
-
+ higher NII: volume growth partly offset by
lower margin
+ positive impact of acquisitions
impact of forex translation
$158 million securities write-downs/losses &
$80 million monoline reserve
Expenses down 3%
▪ PCLs up $48 million; lower recoveries in Scotia
Capital, higher provisions in Domestic & Int'l
Q1/08 vs. Q4/07 net income: down 12%
■ Revenues: down 10%, or 3% excl. Q4 gains of
$245 million (pre-tax) on VISA restructuring &
sale of bond index business
Expenses down 7%
+ lower performance-based compensation
+ seasonal declines
■ PCLs up $16 million, primarily in Domestic
10
Q1/07
Q4/07
Q1/08View entire presentation