Jun 2015 Financial News

Scotia posts $260m half-year profit

Jun 04, 2015

Port of Spain: Scotiabank Trinidad and Tobago Ltd has reported net income of $260 million for its six months ended April 30, an increase of $9.8 million or 3.9 per cent over the comparative period in 2014.

Total assets ended the period at $21.4 billion representing growth of $1.2 billion or six per cent when compared to April 30, 2014, the bank said in a statement yesterday. For the period, earnings per share (EPS) grew to 147.2 cents while Return on Equity (ROE) was 14.73 per cent.

Return on Assets (ROA) fell slightly to 2.49 per cent “reflective of the continued spread compression being faced within the domestic economy”, the bank said.

Based on the performance, the board of directors approved a second quarter dividend of 40 cents per ordinary share, payable on July 10 to shareholders on record as at June 11 2015.

Scotiabank managing director Anya Schnoor said in the statement: “Our interim results are a reflection of our strategic priorities for 2015 which are focused on enhancing our customers' experience throughout our network while also making them financially better off by providing relevant advice and solutions to meet their unique needs.”

As a result, she said total loans grew by $1.9 billion (17 per cent) year over year while deposits grew by $1.5 billion (ten per cent).

“While the economic environment continues to be challenging we are confident in the future and our ability to navigate the potential impact of the recent declines in oil prices. Our robust risk management framework and strong ability to execute are critical factors in the stability and confidence our customers have in Scotiabank and our ability to deliver a superior value proposition in a competitive landscape.”

Source:
Trinidad Express
Wednesday June 4, 2015

http://www.trinidadexpress.com/20150603/business/scotia-posts-260m-half-year-profit