Scotiabank has reported a net income of C$1.06bn for the third quarter of 2010, up 14% compared to C$931m for the same period last year.

Total revenue (on a taxable equivalent basis) was C$3,854m, compared to C$3,865m during the same period last year.

Scotiabank’s total assets at 31 July 2010 were C$523bn, up C$27bn from 31 October 2009.

Scotiabank president and CEO Rick Waugh said that the strong results were achieved despite the negative impact of C$89m from the year-over-year strengthening of the Canadian dollar.

“We have maintained our strategy of diversification by business and geography and continued our emphasis on prudent risk and capital management while making investments in longer-term growth. This enabled us to continue Scotiabank’s track record of achieving strong quarterly results,” Waugh said.

“The new Basel III proposals will be finalized within the next few months and will result in a tighter and more consistent definition of capital, and higher capital levels internationally.”