Jun 2015 Financial News

Scotia T&T net income increases to $260m

Jun 10, 2015

Scotiabank T&T Ltd has reported net income of $260 million for the six months ended April 30—an increase of $9.8million 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. 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.

Commenting on the results, 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.

“As a result, total loans grew by $1.9 billion (17 per cent) year over year while our 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 Guardian
Wednesday June 10, 2015

http://www.guardian.co.tt/business/2015-06-10/scotia-tt-net-income-increases-260m