Aug 2011 Financial News

Scotiabank reports third quarter income of $134m

Aug 26, 2011

Scotiabank Trinidad and Tobago Ltd has reported third quarter income of $134 million.

Earnings per share were $0.76.

Return on equity remained strong at 20.1 per cent, the company said in a statement on Wednesday.

A dividend of 32 cents per common share was announced.

"This was a solid quarter with good performance across our business lines and record revenues." said Richard P Young, Scotiabank's managing director.

"Our proven business model together with our astute treasury management, strong risk management practices and culture of expense control continues to deliver sustainable growth."

"While low demand impacted our volumes, competitive pricing and market share protection in our key products through our delivery channels protected our margins. The increase in Creditor Insurance sold through our branches demonstrates successful collaboration with the Wealth Management business line. Strong expense controls and a decrease in provisions for credit losses also contributed to these results," he added.

Scotiabank's net income was $134 million in the third quarter ending July 31, which compares to $124 million in the same period last year, an increase of $10 million, or eight per cent.


Source:
Trinidad Express
Friday August 26, 2011

http://www.trinidadexpress.com/business/Scotiabank_reports_third_quarter_income_of__134m_-128447943.html