Scotiabank, the Canadian banking group that provides services including wealth management, said it logged net income in the three-months to 30 April of $1.1 billion, a gain of $225 million, or 26 per cent, from a year ago.

In the bank’s wealth management segment, the bank said its ScotiaFunds range was “competitive”, reporting market share gains for all funds in 40 of the past 42 months.

The Scotia INNOVA Portfolios surpassed $1 billion in assets under management, little more than 12 months from launch to the market in mid-January 2009.

Scotiabank said it had a Tier 1 capital ratio on 30 April of 11.2 per cent, unchanged from the start of the year.