Q1 2010 Scotiabank Risk Review and Outlook
Record Revenues
Revenues (TEB)
($ millions)
3,808
3,981
3,421
1,759
1,636
1,385
2,036
2,172
2,222
Q1/09
Q4/09
Q1/10
Other Income
Net Interest Income (TEB)
Scotiabank
Q1/10 vs. Q4/09 Revenues
+ Net interest income up 2%
+ Retail asset growth, wider spreads in Canadian retail
+ Positive impact of financial instruments (FI)
+ Other income up 8%
+ Higher trading revenues & net securities gains
+ Positive impact of FI
-
Lower credit & underwriting fees vs. exceptional Q4
$32MM writedown of investment in Venezuelan
affiliate
Q1/10 vs. Q1/09 Revenues
+ Net interest income up 9%
+ Asset re-pricing, higher retail assets
+ Positive impact from FI
Negative impact of FX, lower corporate loan volumes
+ Other income up 27%
+ Lower AFS securities writedowns
+ Strong trading & mutual fund revenues
Lower securitization & non-trading FX revenues
- Negative impact of FX
7
Disciplined Expense Management
Non-Interest Expenses
($ millions)
2,010
2,064
2,009
1,130
1,097
1,187
388
394
573
492
"
371
ā
451
451
Q1/10 vs. Q4/09 Expenses
Expenses down 3% from seasonally high Q4/09
+ Seasonal declines in advertising, professional
fees & technology expenses
+ Lower legal provisions
+ $23MM relating to VISA rewards points in Q4/09
-
Higher salaries & benefits, largely due to higher
stock-based compensation
Q1/10 vs. Q1/09 Expenses
Expenses flat with Q1/09
+ Positive impact of FX
+ Lower technology expenses & business taxes
- Higher stock-based compensation
Q1/09
Q4/09
Q1/10
Salaries & employee benefits
Premises & technology
Other
Scotiabank
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