The bank's global wealth management business delivered net income of C$256 million, up from C$228 million in the year-earlier period. The result was driven by its February 2011 acquisition of DundeeWealth, as well as “solid” performances from existing wealth and insurance businesses, Scotiabank said.

Overall, global wealth management revenue for the quarter was up 43 per cent at C$818 million. Wealth management activities accounted for around 85 per cent of this total, while the remaining 15 per cent was attributed to the insurance operations. Last year, the split was 82 per cent for wealth management and 18 per cent for insurance.

The firm’s assets under management at the GWM unit also received a sharp boost from the acquisition, rising by 110 per cent as compared to the same quarter last year, to C$105 billion. Meanwhile, assets under administration increased $91 billion or 49 per cent to $276 billion, due largely to DundeeWealth.

For the three months to 31 July 2011, net income at Scotiabank’s Canadian banking unit was C$461 million, up 4 per cent from the previous year, due to increased volume growth in residential mortgages, small-business deposits, and commercial banking activities. The international banking arm also delivered a solid quarter with net income of C$350 million, up by 20 per cent, owing mostly to asset growth in its Asian and Latin American businesses.