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AWARDS

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 million), or 4%, and card revenues were up C$3 million, or 5%, combined with a marked improvement in asset quality. Its strong retail banking franchise is complemented by healthy commercial banking and investment banking activity. For example, Scotia Capital is the number two provider of syndicated loans in the country and a top-four player in Canada's M&A market.

RBC is dominant across all areas of Canadian debt capital markets. In a record year for Canadian issuance, it is the top underwriter for all Canadian dollar bonds issued globally over this period, with a 26.3% market share, working on 147 deals, twice the amount of nearest rival TD Securities.