Securing Your Future Is Our Main Investment

Updated: 28-03-2024 - 12:00PM   8 6 CLOSED

Financial News

Dec 2014 Financial News

Scotiabank earns $560m after tax

Dec 04, 2014

For the year ended October 31, Scotiabank T&T Limited earned net income after tax of $560 million. This is an increase of $3 million or 0.5 per cent over the prior. In a joint statement to shareholders published with the financial results on the T&T Stock Exchange, Scotiabank chairman Sylvia D Chrominska and managing director Anya Schnoor said the bank’s assets stood at $20.7 billion, reflecting growth of $1.2 billion or six per cent over the previous year.

They said: “Our strong loan growth continued during this quarter bringing the year to date growth in loans to $1.2 billion or 12 per cent. Total revenue increased by $13 million or three per cent this quarter compared to the same quarter last year. “Total revenue for the year exceeded total revenue for last year by $35 million or three per cent based on the strength of increased non-interest income as the group focuses on  diversifying its revenue sources to offset the reduction in interest spreads.”

Non-interest expenditure has remained flat for the quarter at $172 million compared to the same quarter last year. Scotiabank’s operating efficiency ratio was 46 per cent and its loan loss expense increased by $10 million during the quarter and $24 million over the year. “The group is well capitalised with a capital adequacy ratio of 25 per cent, well above the required eight per cent ratio stipulated by local regulators.

“This, coupled with our strong governance practices will continue to result in the group’s stable performance over the long term,” the directors said.

 

Source:
Trinidad Guardian
Thursday December 4, 2014

http://www.guardian.co.tt/business/2014-12-04/scotiabank-earns-560m-after-tax