(April 27 – 14:00 ET) – Grupo Financiero Scotiabank Inverlat has released its first quarter results for the period ending March 31, 2001.

Net income after tax for the Group was $31 million resulting in a return on equity of 17%. Including the impact of inflation accounting, a requirement for reporting under Mexican GAAP, net income for the Group was $26 million.

“These are solid initial results from our profitable financial group in Mexico. We have been aggressively promoting the new Scotiabank Inverlat name and image to create increased awareness of the group and to help us further build market share,” said Scotiabank Chairman and CEO Peter Godsoe.

Grupo Financiero Scotiabank Inverlat S.A. de C.V. is one of the principal financial groups in Mexico, with more than 400 branches and almost 1,000 ATMs throughout Mexico. Scotiabank has a 55% ownership stake in nverlat. The Group employs approximately 7,200 people across its three main affiliates, Scotiabank Inverlat S.A., Scotia Inverlat Casa de Bolsa S.A. de C.V., and Scotia Inverlat Casa de Cambio S.A. de C.V. Together, these companies offer an integrated suite of financial products and services for the entire spectrum of customers – from individuals and small businesses up to the most sophisticated multinational corporations.
-IE Staff