Sep 2016 Financial News

Scotiabank earns $1.2b in total revenue

Sep 19, 2016

For the nine months ended July 31, Scotiabank T&T Limited saw its net income increase by $50 million or 12 per cent to $467 million over the corresponding period in 2015. 

The bank’s total assets of $23.4 billion represented growth of $1.6 billion or 7 per cent, while earnings per share increased to 264.7c while return on equity and return on assets improved to 16.63 per cent and 2.74 per cent respectively.

Managing director Anya Schnoor said this third quarter performance reflected Scotiabank’s strength and stability and the continued confidence of its customers.

“While the economic environment continues to be challenging the bank’s strong focus on customer experience and ensuring our customers are better off have allowed us to expand our loan and deposit portfolios, with notable double digit growth in retail banking,” she said.

“With the slowdown in economic activity, increased government borrowing and the gradual depreciation of the TT dollar against the US dollar, we expect market conditions to remain muted as we approach the end of the Government’s fiscal year. As the Government contemplates the New Year and the policies which it will recommend for consideration by the Parliament we look forward to partnering with all stakeholders on a national consensus on areas which will provide a stimulus for economic growth. 

The bank’s latest financial results show that total revenue, comprising of net interest income and other income, was $1.2 billion—an increase of $116 million or 11 per cent over the comparable period last year.

Net Interest Income was $839 million, $128 million or 18 per cent higher than 2015, driven by growth in loan volumes of three per cent and complemented by lower interest costs due to early repayment of a $618 million medium term bond during the second quarter of 2015.

Non-interest Income was $356 million, which was $13 million or three per cent lower than the prior year.

Source:
Trinidad Guardian
Saturday September 17, 2016

http://www.guardian.co.tt/business/2016-09-17/scotiabank-earns-12b-total-revenue