Its results beat that of close rival National Commercial Bank, which made $10.2 billion this year.

Scotia Group will pay out 37 cents per share on the results, amounting to more than $1.15 billion in dividend to be shared with its Canadian parent which owns more than 70 per cent of the banking group, and other minority partners.

Scotia results is a $2-billion premium on the $9.6 billion made in 2008.

President of the bank, Bruce Bowen, trumpeted the results as testimony to Scotia's "strong capital and liquidity positions, and our diverse revenue streams."

business@gleanerjm.com