Mar 2015 Financial News

$560m net profit for Scotia T&T

Mar 06, 2015

Scotiabank T&T Ltd recorded a net profit of $560 million for 2014—its 22nd year of consecutive profitability. This was an increase of $3 million or 0.5 per cent over the previous year.

The bank’s 2014 annual report also showed that earnings per share amounted to 317.5 cents and return on equity remained strong at 16.4 per cent. Return on assets measured at 2.8 per cent.

According to the report, total revenue which comprises net interest and other income, increased by $35 million or three per cent, moving from $1,348 million the previous year to $1,383 million in 2014.

The report continued: “Growth in top line revenue was achieved despite excess liquidity and weak credit demand, which pushed interest rates to record low levels across all business lines. The impact of interest rate reductions was offset by the strong performance of other income sources which increased by $43 million or ten per cent, to $494 million for the year ended October 31, 2014.”

Commenting on the bank’s performance, managing director Anya Schnoor said the consecutive years of profitability “demonstrates our ability to sustain growth over the course of varying economic and market conditions.

Schnoor said Scotiabank continued to build market share in our key business lines and had diversified its revenue base.

Following the bank’s annual general meeting on Tuesday, Sylvia Chrominska, stepped down as chair of the board of directors. The new Scotiabank T&T chairman is Brendan King, Senior Vice President, International Banking, Bank of Nova Scotia, Canada.

King is responsible for Scotiabank’s personal, commercial, wealth management and insurance operations in the Caribbean, Central America, Uruguay and Thailand. Additionally, he has responsibility for retail and small business collections activities throughout the international banking division.

He joined the Bank of Nova Scotia in 1990 and after assignments in branch banking and risk management, joined the international banking division in 1994 with his first assignment in the Cayman Islands. He increasingly took on roles in T&T and the Bahamas, where he was managing director of corporate finance.

In 2004, King joined the Asia Pacific region country head for Greater China and added corporate development responsibilities in 2006 when he led the investment in Thanachart Bank in Thailand and subsequently joined the board. After leading the Thanachart Bank acquisition of Siam City Bank in 2010, King moved to Thailand as vice-chairman and deputy chief executive officer of the group, which was now the fifth largest in Thailand with over 620 branches, 2,200 ATMs and 16,000 staff.

King has an MBA in Finance and International Banking and a BA (Business & Economics) from York University, Toronto, Canada

Source:
Trinidad Guardian, A25
Friday March 6, 2015