Canada’s Scotiabank, which includes wealth management in its offerings, said it has logged net income of a record C$4.239 billion for the year ending 31 October, up 20 per cent, and met or beat four key financial and operational targets.

Net income for the quarter ended 31 October was $1.092 billion, versus $902 million for the same period last year, Scotiabank said, as a number of Canada’s banks issued results. Royal Bank of Canada and Toronto Dominion also reported their figures, as published today by Family Wealth Report.

Scotiabank has been busy on the mergers and acquisition front. During the fourth quarter, Scotiabank acquired Dresdner Bank Brasil - Banco Multiplo from Commerzbank; Royal Bank of Scotland's corporate and commercial banking operations in Chile and WaterStreet Group, a Canadian multi-family office advisory firm.

The bank had total assets under management of C$48.4 billion at the end of October, compared with C$41.6 billion a year before.