TORONTO, July 29, 2011 /CNW/ - Grupo Scotiabank today announced results for the second quarter of 2011.  Scotiabank Mexico's second quarter consolidated net income was Cdn$53 million (P$635 million), compared to Cdn$54 million (P$660 million) in the same quarter last year. The decrease for the quarter was a result of lower net interest income and non-interest revenues, higher operating expenses, partially offset by lower credit provisions. Scotiabank Mexico's capital ratio decreased to 16.9% compared to 17.2% in the same quarter last year.

These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's third quarter 2011 financial results. Scotiabank Mexico's contribution to Scotiabank's third quarter net income is estimated to be Cdn$60 million on a Canadian GAAP basis.

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

About Scotiabank
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 $571 billion (as at April 30, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.