Bank of Nova Scotia is reporting record profits for the fourth quarter ended October 31. The bank said all units contributed to the increase, despite weaker equity markets.

Scotiabank said profit for the quarter rose to $566 million, or $1.05 a share, from $497 million, or 93¢ a share, in the corresponding quarter last year.

Return on equity was 17% for the quarter ended Oct. 31, unchanged from a year ago.

Total revenue climbed to $2.73 billion in the fourth quarter from $2.3 billion last year. Loan loss provisions stood at $350 million for the quarter, up from $226 million last year. The bank said it had sets aside a C$100 million reserve for its exposure to Argentina.

Scotiabank is also reporting record results for the 2001fiscal year. Net income was $2.169 billion, 13% higher than last year.

Earnings per share (diluted) rose to $4.05, up 12% from 2000 and ROE was 17.3%. The bank’s productivity ratio further strengthened to 53.9%.

“This marked the 12th straight year of record operating income, despite challenges from weaker global economic conditions and the tragic events of Sept. 11,” said Peter Godsoe, chairman and CEO.

“We saw earnings growth across all of our business lines. These results are the direct outcome of our overall strategy.”