Bank of Nova Scotia, Canada's third largest bank by assets, reported 10 per cent growth in third quarter net income to C$1.03 billion, compared with C$936 million for the same period last year. Scotiabank said domestic banking, including wealth management, had a very strong quarter characterised by significant asset and revenue growth. Assets under management grew from C$30.45 billion to C$31.03 billion over the quarter, up from C$26.55 billion at the same stage last year. Assets under administration fell from C$208.43 billion to C$198.79 billion in the quarter. Domestic banking, which includes wealth management, reported strong net income of C$391 million for the quarter, an increase of C$72 million or 22 per cent from the third quarter last year and $27 million or 7 per cent higher than last quarter. The segment contributed 38 per cent of the bank's total quarterly net income. Wealth management revenues grew primarily from higher retail brokerage customer activity and increased mutual fund revenues from higher average balances, resulting from strong net sales, particularly in longer term products. Private client revenues rose from growth in estate and trust fees and managed account fees. In addition, there were increases in personal and non-personal transaction service revenues and card revenues.