National Bank Q3 2009 Earnings

Scotia Capital, 28 August 2009� National Bank (NA) operating earnings increased 17% to $1.79 per share, substantially above expectations. Operating ROE was 22.2% with RRWA of 1.99%. Reported earnings were $1.78 per share including a $1 million after-tax or $0.01 per share charge related to holding ABCP.Implications� NA third quarter earnings were extremely strong driven by record results from the