Canada’s Scotiabank reported third quarter net
income of C$1.06bn ($1bn), up 14% compared to the year-ago income
of C$931m.
The bank, which operates most of its business
in Canada and Latin America, benefited from a better credit climate
in the third quarter.
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But Scotiabank said it was hit by the strength
of the Canadian dollar. Excluding the negative impact of
foreign currency translation, net income grew C$220m or
24%.
Profit at Scotiabank’s domestic banking arm,
which includes the wealth management, commercial banking and retail
banking unit, posted a record net income of C$604m, a rise of 21%
from C$500m in the year-ago quarter.
The bank said there was strong growth in
current accounts, chequing accounts and high interest savings
accounts. Partly offsetting these were lower term
deposits.
Higher card revenues helped strengthen the
retail banking arm.
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By GlobalDataInternational banking net income stood at
C$317m in the third quarter of 2010, up 2% from 2009 and was
particularly hit by the strength of the Canadian dollar.
The bank derived most of its income from
Canada (C$642m) and other international locations predominantly
based in Latin America (C$385m).
Total assets for the group stood at C$523.4bn
(7.6% increase compared to the third quarter of 2009), and deposits
totalled C$365.2bn (9.4% increase).
