Awards for Excellence 2006 – North America: Canada

Euromoney Awards for Excellence 2006USA I Canada

With panic over dwindling oil supply, commodity prices still hovering around historical highs, and the Canadian dollar appreciating by roughly 10% over the US dollar, ice-cold Canada is hot. Hysteria has been especially shrill over the vast deposits of tar sands in the frozen tundra of Alberta – estimated to contain more oil reserves that Kuwait or Russia. Even with a mini market crash in early June, the Toronto Stock Exchange is still up by some 12% year on year. Yet, contrary to popular belief, the number one sector in the national economy and equity market is not natural resources but financial services. Five of the 10 largest companies measured by market capitalization are banks.

In what many critics argue is declining business in a mature market, Scotiabank has continued to show that you can still make a decent return from full-service high street banking – and grow profitability ratios at impressive double-digit rates. Net income last year hit an all-time record high of C$3.2