Jun 2015 Financial News

Scotia reports $702 million in revenue

Jun 03, 2015

SCOTIABANK yesterday reported total revenue of, comprising net interest income and other income of $702 million for the period ended April 30, 2015.

This information was contained in the bank’s interim results for 2015. This figure represented an increase of $51million when compared to the same period last year. 

Net Interest Income for the six months ended April 30, 2015 was $460 million, $21.3 million or five percent higher when compared to 2014. Strong growth in loan volumes of 17 percent supported these results and offset the impact of lower asset yields. 

Other Income for the six months ended April 30 2015 was $242 million resulting in a $30 million or 14 percent increase when compared 2014. The increase was driven by growth in our key segments Retail, Corporate and Commercial Banking and Insurance and complemented the strong asset growth. Based on the performance, the Board of Directors approved a second quarter dividend of 40 cents per ordinary share, payable on July 10, 2015 to shareholders on record as at June 11, 2015. In commenting on the results, Scotiabank Managing Director Anya Schnoor said “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.” 

She continued, “As a result total loans grew by $1.9 billion (17 percent) year over year while our deposits grew by $1.5 billion (ten percent). 

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.” Noting the bank’s robust risk management framework and strong ability to execute are critical factors in the stability and confidence its customers have in Scotiabank, Schnoor said, “We are extremely proud to have been recognized yet again by Global Finance as the Best Emerging Market Bank 2015. This is the fifth year the Bank has captured this accolade, having also received it in 2010, 2011, 2012and 2013.”

Source:
Newsday
Wednesday June 3, 2015

http://www.newsday.co.tt/business/0,212134.html