Awards for Excellence 2005: Canada

BEST BANK
Scotiabank

BEST DEBT HOUSE
RBC Capital Markets

BEST EQUITY HOUSE
RBC Capital Markets

BEST M&A HOUSE
Merrill Lynch

Scotiabank is not the biggest full-service Canadian bank, but of the primary contenders for this award it is certainly the most profitable. Its net income for the 2004 financial year was US$2.57 billion; RBC’s was US$2.45 billion. Return on average assets at Scotiabank for the full year was also better, at 1.4, compared with 0.73. In the first quarter of 2005, deposit and payment services revenue was up C$7 million (US$5.7