TORONTO, July 31 /CNW/ - Grupo Scotiabank today announced results for the
second quarter of 2009. Strong underlying growth in interest income and
deposits and a lower effective tax rate were more than offset by the loss
derived from the sale of a portion of the Bank's credit card portfolio and
higher provisions. Scotiabank Mexico's second quarter consolidated net income
was Cdn$32 million (P$372 million).
    These results are adjusted to a Canadian GAAP basis prior to their
inclusion in Scotiabank's third quarter 2009 financial results. Scotiabank
Mexico's contribution to Scotiabank's third quarter net income is estimated to
be Cdn$61 million on a Canadian GAAP basis. The adjustment to Canadian GAAP
includes a reversal of the loss on the partial sale of the credit card
portfolio, as the loss was recognized previously for Canadian GAAP purposes.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 close to 69,000 employees, Scotiabank
Group and its affiliates serve approximately 12.8 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 more than $513 billion in assets (as at April 30, 2009), Scotiabank
trades on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.