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Scotiabank T&T records $560m net income

Scotia Bank Trinidad and Tobago managing director Anya Schnoor Scotia Bank Trinidad and Tobago managing director Anya Schnoor
Scotiabank Trinidad and Tobago Ltd yesterday reported net income of $560 million for the year ended October 31, an increase of $3 million or 0.5 per cent over the comparative period in 2013.

In a statement, the bank said: “Total assets ended the period at $20.7 billion representing growth of $1.2 billion or six per cent when compared to October 31, 2013. 
For the year, earnings per share (EPS) increased to 317.5 cents while Return on Equity (ROE) was 16.38 per cent.”

The bank said its return on assets (ROA) fell marginally to 2.79 per cent from 3.0 per cent last year.

Based on the excellent results, the board of directors approved a final dividend of 70 cents per ordinary share, payable in January 2015, Scotiabank said.

The bank’s managing director Anya Schnoor said: “In commemorating our 60th anniversary in 2014, Scotiabank has many achievements to be proud of.

“2014 marked our 22nd consecutive year of record profitability for the group, driven by 12 per cent growth in our combined retail and corporate commercial loan portfolios as well as increased non-interest earnings. Our focus on growing market share in our key business lines and improving our operational efficiency continues to be integral parts of our strategic focus as we move into 2015.”

She added: “During the quarter, we were also proud to receive external recognition from the prestigious Latin Finance Magazine where we were named “Bank of the Year” in Trinidad and Tobago. We also received recognition for the 4th consecutive year as “The Best Internet Bank in Trinidad and Tobago” from Global Finance Magazine. These accoladesare extremely gratifying and are directly attributable to our focus on our customers and delivering a superior experience in their interactions with us.”

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