TORONTO, April 29 /CNW/ - Grupo Scotiabank today announced results for the first quarter of 2011.  Scotiabank Mexico's first quarter consolidated net income was Cdn$75 million (P$917 million), compared to Cdn$70 million (P$853 million) in the same quarter last year. The main drivers of these results were higher net interest income and non-interest revenues and lower credit provisions, partially offset by the impact of higher operating expenses. Scotiabank Mexico's capital ratio remained strong at 17.8% compared to 17.4% in the same quarter last year.

These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's second quarter 2011 financial results. Scotiabank Mexico's contribution to Scotiabank's second quarter net income is estimated to be Cdn$84 million on a Canadian GAAP basis.

Scotiabank Mexico's media release announcing the results can be found at www.scotiabank.com.mx.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $541 billion (as at January 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.