Mar 2017 Financial News

Scotia announces $170M profit for first quarter of 2017

Mar 08, 2017

SCOTIABANK Trinidad and Tobago Limited yesterday announced profit after tax of $170 million for the first quarter of the year ending January 31, an increase from $157 million for the same period last year.

Total assets for the first quarter were $23.6 billion, growth of $1.4 billion or six percent over the comparable period last year.

Earning’s per share increased to 96.6 cents from 89.1 cents in the comparable period the previous year, while dividends per share at 50 cents represented an increase from 40 cents in the quarter ended January 31, 2016.

Return on Equity rose from 17.12 percent in the quarter ended January 31, 2016 to 17.79 percent in the quarter ended January 31, 2017 while Return on Assets rose from 2.81 percent in the three months ended January 31, 2016 to 2.88 percent in the Quarter ended January 31, 2017.

In a statement, the bank’s Managing Director, Anya Schnoor said Scotiabank had started the year with a strong performance and this was “very commendable” in light of the challenging economic times “and highly competitive market in which we operate.” She said total loans grew by $467 million or three percent year over year with deposits increasing by $942 million or six percent over the same period.

The first quarter results were released at the bank’s annual shareholder’s meeting at which the bank reported on its results for the 2016 financial year ended October 31, 2016.

Total assets for last year were listed at $23.2 billion, up from $22.1 billion in 2015; deposits were $17.5 billion, up from $16.8 billion and net loans to customers rose to $13.2 billion from $13 billion in 2015.

Source:
VERNE BURNETT
Newsday
Wednesday March 8, 2017

http://www.newsday.co.tt/business/0,240750.html