Bank of Nova Scotia today reported a 20% rise in first-quarter profit, helped by recent acquisitions and growth in its Latin America and Caribbean operations.

Scotiabank said it earned $1.02 billion, or $1.01 share, in the three months ended Jan. 31. That compares with earnings of $852 million, or 84¢ a share, in the same period a year earlier.

The bank said return on equity, a key measure of how efficiently a bank uses the resources provided by its stockholders, rose to 23% from 21.6% in the first quarter of 2006.

Quarterly revenue from operations was $3.11 billion, up 14% from a year earlier.

The provision for credit losses was $63 million in the latest quarter, down from $75 million in the same period a year earlier, but nearly twice the $32 million provision Scotiabank had in the previous quarter.

The bank said the strong results were driven by profit in international banking, which surged 36% to a record $316 million.

“Our strategy of diversifying across three business lines – domestic banking, Scotia Capital and international banking – continues to deliver strong, sustainable growth,” said Scotiabank president and CEO Rick Waugh, in a news release.

Scotiabank cited internal growth across the international business, plus the contribution of acquisitions in Peru, Costa Rica, Dominican Republic and Jamaica, for the increase.

At home, net income in the Canadian banking segment, which includes wealth management, rose 10% to $361 million, as volume growth and higher fee income pushed revenues up by 7%.

Quarterly profit at Scotia Capital climbed 14% to $294 million.

The bank declared a quarterly dividend of 42¢ a share.