Q3/11 Financial Performance and Outlook
Solid Revenue Growth
Scotiabank
Revenue (TEB)
($ millions)
4,586
286
4,373
3,854
1,942
•
2,017
1,611
2,243
2,283
2,431
•
Q3/10
Q2/11
Q3/11
Gains related to recent acquisitions
Other Income
Net Interest Income (TEB)
Year-over-Year
Net interest income up 8%
+ Asset growth in Canadian mortgages and
commercial loans internationally
- Foreign currency translation
Other income up 21%
+ Contribution from recent acquisitions
+ Higher transaction based fees
- Decline in trading revenues, primarily in fixed
income
Quarter-over-Quarter
Net interest income up 6%
+ Asset growth in low spread trading securities
and deposits with banks
+ Three additional days in quarter
- Modest decline in margin
Other income down 4% (excluding gain
in Q2)
- Reduction in trading revenue in fixed income
+ Increase in transaction based fees
Continued Investment in Growth Initiatives
Non-Interest Expenses
($ millions)
•
2,381
2,378
2,023
608
588
513
431
423
384
1,339
1,370
1,126
Q3/10
Q2/11
Q3/11
Other
Premises & technology
■Salaries & employee benefits
•
Scotiabank
Year-over-Year
Expenses up 18%
- Recent acquisitions accounted for 48% of
increase
- Higher compensation related expenses
reflecting staffing levels, pension costs and
incentive bonuses
Quarter-over-Quarter
Expenses marginally higher
-Increases in remuneration expenses reflecting
higher staffing levels and additional days in
quarter
+ Lower performance based compensation and
professional fees
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