Scotiabank Financial Performance Update
Higher Expenses: Growth Initiatives & Seasonality
Non-Interest Expenses
($ millions)
2,286
"
2,183
2,009
1,191
1,308
1,187
411
407
371
581
571
451
Q1/10
Q4/10
Q1/11
Salaries & employee benefits
Premises & technology
Other
Scotiabank
Year-over-Year
Expenses up 14%
- Impact of acquisitions
- Higher stock-based compensation
- Higher employee benefits, including pensions
+ One-time gain on wind-up of pension plan
relating to a prior acquisition
Quarter-over-Quarter
Expenses up 5%
- Higher performance and stock-based
compensation (seasonal impact of new grants)
- Higher staffing levels and employee benefits
+ Lower advertising and technology expenses
+ One-time gain on wind-up of pension plan
relating to a prior acquisition
Continued Strength in Capital Ratios
•
•
11.7
11.8
11.8
11.2
11.2
9.6
9.8
9.3
8.8
8.8
Q1/10
Q2/10
Q3/10
Q4/10
Q1/11
■TCE (%)
Tier 1 (%)
Internal capital generation of $611MM (vs. $437MM in Q1/10)
Stock issued under DRIP: $127MM (vs. $132MM in Q1/10)
Scotiabank
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