Scotiabank Q1 2009 Earnings

RBC Capital Markets, 4 March 2009We view Scotiabank's results as neutral to the view we had going into the quarter. Profitability was close to our estimates. Capital ratios were slightly better than expected and loan losses were lower than we had thought, although signs of credit deterioration are clear in our view.� The international division was much more profitable than we had anticipated (net