TORONTO, July 31 /CNW/ - Grupo Scotiabank today announced solid core
results for the second quarter of 2007 driven by continued asset and deposit
growth, improving margins and continuing stable credit quality. Scotiabank
Mexico's second quarter consolidated net income was Cdn$91 million
(P$927 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's third quarter 2007 financial results. Scotiabank
estimates Scotiabank Mexico's second quarter earnings to translate into third
quarter net income of approximately Cdn$100 million on a Canadian GAAP basis.
    Scotiabank Mexico's media release announcing the results can be found at
http://www.scotiabank.com.mx/NR/exeres/27FF9F6C-A3C0-4749-856D-EF3B05533A01.ht
m.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With close to 58,000 employees, Scotiabank
Group and its affiliates serve approximately 12 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $412 billion in assets (as at April 30, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.