TORONTO, April 30 /CNW/ - Grupo Scotiabank today announced solid results
for the first quarter of 2008 which were driven by continued asset and deposit
growth, improving margins, higher commissions and well-controlled expenses.
These gains were offset by higher taxes and by increased provisions for retail
loan losses. Scotiabank Mexico's first quarter consolidated net income was
Cdn $100 million (P$1,047 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's second quarter 2008 financial results. Scotiabank
estimates Scotiabank Mexico's first quarter earnings to translate into second
quarter 2008 net income of approximately Cdn$80 million on a Canadian GAAP
basis.
    Scotiabank Mexico's media release announcing the results can be found at
http://www.scotiabank.com.mx.

    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 12.5 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 $449 billion in assets (as at January 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.