Dec 2016 Financial News

Scotiabank income increases to $625m

Dec 09, 2016

Scotiabank T&T Limited achieved a ten per cent increase in income after taxation for the year ended October 31.

The $625 million recorded in the bank’s latest financial results was an increase of $59 million over the prior year. Income after taxation was $158 million or six per cent over the corresponding period in 2015.

The increase in profitability was attributed to strong growth in Scotiabank’s retail loans portfolio which resulted in higher net interest income of $154 million—16 per cent higher than in the previous year.

Loans to customers grew by $184 million, while loans to retail customers increased by 10 per cent.

Total assets ended the year at $23.2 billion, representing growth of $1.1 billion and the bank’s deposit portfolion increased by $734 million or 4 per cent.

Source:
Trinidad Gurdian, A20
Friday December 9, 2016