Canada’s Scotiabank reported a net income of $852 million in the first quarter of 2006, an increase of $64 million or 8% over the same period last year. Earnings per share (diluted) were $0.84, up $0.07 per share or 9% from the first quarter of 2005. Return on equity was very strong at 21.6%.
“Our strategy of diversifying across business platforms and geography continues to deliver record income, with solid contributions from all three business lines,” said Rick Waugh, president and CEO.
“The Bank benefited from another strong performance from International Banking, including our Mexican operations, record trading revenues in Scotia Capital, and solid growth in mortgage volumes in Domestic Banking,” he added.
Some of the moves the Canadian bank made in the first quarter include the purchase of highly rated retail automotive receivables in the US and acquisition of the Canadian operations of the National Bank of Greece.