Nov 2010 Financial News

Scotia net jumps by 12 per cent

Nov 25, 2010

The Scotiabank Group yesterday declared that its net income for its fiscal year ending October 31, grew by 12 per cent to $509.2 million compared with $455 million in 2009. A statement from Scotiabank described the results as “commendable” in the context of the current economic environment within the industry, the country and the world and what was a challenging year.

“The results represent the Group’s eighteenth consecutive year of profitable growth and underscore the resilience of our underlying earnings and the ability of the Group to generate consistent results,” according to the Bank. Scotia pointed out that “while the industry continued to be affected by increased delinquency across their lending portfolios stemming from the continued fallout from job losses due to the continued drag in the economic stagnation,” Scotiabank recorded a lower loan loss expenses as at ending October 31, 2010 of $77.1MM compared to $86.9MM in the prior year.

Earnings per share closed the year at 288.8 cents, which translated into shareholders being rewarded with a fourth quarter dividend of 25 cents coupled with an additional special dividend of 10 per share for the three months to October 31st, 2010. This brought total dividends for the year to 110 cents per share, an increase of 10 per cent. Performance ratios showed a year over year improvement as profitability was increased despite minimal growth in assets. Return on Assets measured 3.17 per cent compared to 3.0 per cent a year earlier while Return on Equity was 22.04 per cent compared to 22.86 per cent a year ago.


Source:
Trinidad Guardian
Thursday November 25, 2010

http://guardian.co.tt/business/business/2010/11/25/scotia-net-jumps-12-cent