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Scotiabank reports net income up 8% in record second quarter

Canadian based bank Scotiabank has revealed record financial returns in the second quarter of its current fiscal year, highlighted by a healthy growth in net income on the back of low bad debt exposure.

The North American lender enjoyed growth across all of its business lines and continued low levels of loan losses led Scotiabank to record results in the second quarter of 2006, as net income rose $68 million to $894 million or 8% over the same period last year.

Earnings per share (diluted) were up 10% to $0.89 from $0.81 in the same period in 2005 and return on equity was strong at 23.2%. Meanwhile, the bank’s international division delivered an outstanding 44% increase in income, while Scotia Capital achieved a record return on equity of 35%.

We are pleased with our performance through the first half of the year and remain confident we can achieve our key performance objectives in 2006, said Rick Waugh, president and CEO.