Mar 2017 Financial News

$13m rise in profit for Scotia despite recession

Mar 08, 2017

Despite challenging economic times, Scotiabank T&T’s has reported a $13 million increase in profits for the first quarter ended January 31, 2017.

“We’ve started strong. We’ve had good growth in our retail and corporate and commercial loan portfolio year over year. We’re seeing continued confidence in the bank. It just shows the resilience of the bank even in difficult economic circumstances,” managing director Anya Schnoor said of the results yesterday.

According to first quarter results, profit after taxation increased to $170 million this year, compared with $157 million last year.

Total loans grew by $467 million while deposits increased by $942 million.

There was also growth in total assets- from $22.2 billion for the first quarter last year to $23.6 billion for the same period this year.

Speaking to the media yesterday following the bank’s annual general meeting held at the Hyatt Regency hotel, Schnoor said she remained confident of the bank’s continued growth in the future.

“The great thing about Scotiabank is that we operate in many countries around the world and this is not the first time that we have experienced an economy that would have gone through a difficult period. That’s what kind of gives us confidence in the future.

“And when we look at our strong risk management principles, the way we work with our customers to help them through difficult periods of time, and this is something we have done not only here in T&T but around the world, we’re very confident that working with our customers, helping them through any period of difficulty that they may have, that the bank will be able to weather the economic downturn and continue to grow and move into the future,” she said.

Managing risks 

Scotiabank T&T’s chairman Brendan King expressed similar sentiments during his address to shareholders.

“Despite these challenges, we feel confident in Trinidad and Tobago’s long term future and I confirm that as part of Scotiabank’s long-term diversification and growth strategy, we continue to be committed to Trinidad and Tobago,” he said.

“Our 126-year history in the region gives us the knowledge and confidence to weather these economic headwinds. We are continuing to work with our customers to provide innovative solution to help navigate these challenging times while prudently managing our risks,” King added.

Based on the bank’s performance, the board of directors has approved a first quarter dividend of 50 cents per ordinary share, which is payable on April 13 to shareholders on record as at March 15, 2017.

Source:
By Leah Sorias
leah.sorias@trinidadexpress.com
Trinidad Express
Tuesday March 7, 2017, 9:31 pm AST

http://www.trinidadexpress.com/20170307/business/13m-rise-in-profit-for-scotia-despite-recession