Awards for Excellence 2007: Canada
Best Bank: Scotiabank
As commodity prices remain volatile, fears persist about the supply of oil, and demand for natural resources such as metals increases, resource-rich Canada continues to attract growing international attention. The Canadian resources sector is booming, and the leading domestic financial services companies are enjoying the same increases in growth and profits. Scotiabank is leading in its results once again. This year, as the bank marks its 175th anniversary, Scotiabank reported a record first-quarter net income exceeding C$1 billion ($940 million) for the first time. Earnings per share were up 20% on the same period last year, and return on equity climbed to 23%, reaching the high end of the target.Because of strong mortgage growth and the acquisition of Maple Trust, a leading national mortgage company, Scotiabank’s average retail assets grew by 15% over the quarter domestically. Also on the domestic front, the bank invested in the first major expansion of its Canadian branch network since 1997, opening 15 new branches last year.