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Scotiabank's Mexican jewel bright spot in international empire
Posted on May 01, 2008
Grupo Scotiabank of Mexico, the jewel in the crown of Bank of Nova Scotia s international banking empire, reported its first quarter earnings Wednesday, and earned some muted praise from TD Newcrest analyst Jason Bilodeau. Overall decent results in our view, said Mr. Bilodeau, who rates Scotiabank a Buy with a $56.00 target price.Net income fell 3% from prior year levels, but was up 20% after allowing for the effect of tax loss carry-forwards that were not available this time round. Grupo Scotiabank s profits translate into $80-million in Scotiabank s second quarter. The Mexic...
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