Scotiabank’s (BNS-TO) Chief Financial Officer says the bank is not fazed by uncertainty in two key drivers of the bank’s profitability: Canada’s hot housing market and Mexico. 

Concerns about the future prospects of Scotiabank’s Latin American business suffering under a Donald Trump presidency are overblown, Sean McGuckin, Scotiabank’s Chief Financial Officer told BNN in an interview.

"I think Mexico will do just fine as time plays on," he said.

Scotiabank recorded record profit from its international banking business, which covers countries such as Mexico, Peru, Chile and Colombia.  Donald Trump continues to target Mexico with anti-trade rhetoric, but the country is not solely reliant on the U.S., said McGuckin.

“It’s still too early to see how it plays out but we have to remember Mexico has trade agreements with some 40 other countries,” he said. “With the peso devalued now it is really much more price competitive with exporting around the world.”

Scotiabank is also well positioned in the Canadian housing market, said McGuckin. 

Insured mortgages account for about 56 per cent of the bank’s portfolio, he said. Bank customers with uninsured mortgages have built up a lot of equity in their homes and boast a loan-to-mortgage value of about 50 per cent, he said. “We are very comfortable with our mortgage portfolio,” McGuckin told BNN.