Jun 2016 Financial News

Scotia nets $308M in profit

Jun 08, 2016

SCOTIABANK Trinidad and Tobago has reported net income of $308 million for the six months ended April 30. This represents an increase of $48 million or 19 percent over the same period in 2015.

Announcing the second quarter (Q2) results yesterday, the bank’s managing director, Anya Schnoor, said the “very strong interim results...

continues to highlight the strength of the bank, especially given the challenging economic environment in which we all operate.” The “strong” Q2 results include a four percent growth or $917 million in total assets which stood at $22.3 billion as at April 30.

Earnings per shares increased to 174.5 cents while return on equity and return on assets improved to 16.75 percent and 2.78 percent, respectively, when compared to 2015.

Scotiabank’s board therefore approved an interim dividend payment of 40 cents per ordinal share, payable on July 11 to shareholders on record as at June 13. Addressing the media yesterday at the bank’s head office, corner of Park and Richmond Streets, Port-of- Spain, Schnoor noted that “one of the main factors driving our performance was increased revenue, which closed at $787 million for the year to date, $85 million or 12 percent higher when compared to the same six-month period last year.” She said this was driven by strong loan growth in volumes of nine percent, combined with improvements in Scotiabank’s net interest margins.

Source:
By Sasha Harrinanan
Newsday
Wednesday June 8, 2016

http://www.newsday.co.tt/business/0,228893.html