Tuesday 24 November, 2020

Scotiabank declares over 500 million in income over last nine months

Scotiabank Trinidad and Tobago Ltd. (Scotiabank) is reporting income after taxation of $524 million for nine months ending July 31, 2019.

This is an increase of $40 million or eight percent over the comparative period last year.

In a release, the bank said this increase is mainly due to increased income in their core banking segments, coupled with lower tax expense.

The bank said performance has increased Return on Equity to 17.2 percent and Return on Assets to 2.9 percent, highlighting the financial strength of this bank.

Based on this performance, the Board of Directors has approved a third-quarter dividend of 50 cents per ordinary share, payable on October 15, 2019 to shareholders on record as of September 20, 2019.

In commenting on the results, Stephen Bagnarol, Managing Director, said:“We continue to grow our core operations, driven by good growth in our retail lending and Commercial portfolios. Notwithstanding the challenging economic circumstances, loan losses on financial assets have declined by one percent as we continue to exercise prudent risk management practices. We continue to lead the way with our digital strategy. We have expanded our personalised notifications to customers on activity on their accounts to now include 22 alerts. Since launching alerts in November 2018, over five million messages have been sent to customers.”

Bagnarol said they have also rolled out our new Intelligent Deposit Machines, which have now been launched in three branches with plans to introduce others over the coming months.

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