TORONTO, Feb. 26 /CNW/ - Grupo Scotiabank today announced results for the fourth quarter of 2009. Lower credit losses, higher non-interest income and a one-time gain were partially offset by lower interest income and higher expenses. Scotiabank Mexico's fourth quarter consolidated net income was Cdn$71 million (P$868 million).

These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's first quarter 2010 financial results. Scotiabank Mexico's contribution to Scotiabank's first quarter net income is estimated to be Cdn$75 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 close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 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 $496 billion in assets (as at October 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.