TORONTO, Feb. 29 /CNW/ - Grupo Scotiabank today announced results for the
fourth quarter of 2007 which were driven by continued asset and deposit
growth, improved margins and well controlled expenses, partially offset by
higher retail loan provisions. Scotiabank Mexico's fourth quarter consolidated
net income was Cdn$121 million (P$1,325 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's first quarter 2008 financial results. Scotiabank
estimates Scotiabank Mexico's fourth quarter earnings to translate into first
quarter 2008 net income of approximately Cdn$68 million on a Canadian GAAP
basis. A substantial portion of this period's difference between local GAAP
and Canadian GAAP relates to the reversal of tax benefits recognized locally
that had previously been recognized under Canadian GAAP and an adjustment to
the estimated value of remaining future tax benefits.
    Scotiabank Mexico's media release announcing the results can be found at
http://www.scotiabank.com.mx/Quienes/Info_coporativa/estados_financieros/estad
os_financieros.htm.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 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 October 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.