Mar 2013 Financial News

Scotiabank T&T reports $545.6m income for 2012

Mar 11, 2013

Scotiabank T&T Limited is reporting $545.6 million in net income for the fiscal period ended October 31, 2012. This represents an increase of 0.2 per cent over the previous year. The bank’s assets at the end of the fiscal year stood at $17.7 billion, an increase of 4.3 per cent. These figures were revealed when the bank held its Annual General Meeting on Friday at the Hyatt Regency Trinidad in Port-of-Spain.

Regarding its loan portfolio, the bank said: “Our loan portfolio contracted by 6.6 per cent this year, as retail loans grew by $80 million, while commercial loans fell by $777 million due to the repayment of two large commercial loans. Our mortgage portfolio continued to experience positive growth as this segment climbed from $3.8 billion to $4.2 billion, a year over year growth of 8.8 per cent.”

Anya Schnoor, the bank’s country head, said in her report that “productivity and credit quality ratios are the best among our peer group and performance ratios for the 12 months are maintained at strong levels.” Regarding dividends to shareholders, chairman, Brian Porter said: “Total dividends paid and proposed for the year were $1.56, inclusive of a special dividend of $0.28.” He said there were challenges which the bank faced but these are being dealt with, as the bank “continues to meet the challenges of our market head-on”.

“The bank’s unique offering is delivered successfully within our pillars of good governance and leadership, strong capital management and sustainable revenue growth, and cost containment and prudent risk management,” Porter said. Scotiabank’s strategy for the next financial year involves strengthening its productivity.

“In 2013, our bank has implemented effective strategies to diversify its revenue base while maintaining strong, productivity and performance ratios. Enhanced strategies to improve credit quality have already resulted in a significant reduction in credit losses,” Porter said.


Source:
Nadaleen Singh
Trinidad Guardian
Monday March 11, 2013

http://www.guardian.co.tt/business/2013-03-11/scotiabank-tt-reports-5456m-income-2012