Scotiabank Maintained Sector Perform at RBC CM

RBC Capital Markets, 6 March 2006BNS reported $0.85 cash EPS versus $0.82 consensus and $0.77 a year ago.Investment Opinion� BNS� Q1 Not Clean - Moderately Negative. Cash EPS of $0.85 beat the $0.82 consensus and was in line with our $0.86 estimate. A lower-than expected loan loss at $75MM added ~$25MM pre-tax earnings or 2� EPS versus consensus. Also, trading and securities gains added ~$70MM