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Scotiabank Trinidad and Tobago Ltd Records $140.4m Net Income

Scotiabank Trinidad and Tobago Ltd Records $140.4m Net Income

Posted by Shanelle Weir on September 08, 2014

Scotiabank Trinidad and Tobago Ltd has recorded net income after tax of $140.4 million for the three months ended July 31, an increase of $6.4 million or five per cent over the comparative period in 2013.

Net income after tax for the nine-month period ended July 31 was $390.1 million, the bank said in a statement earlier this week. Total assets ended the period at $20.2 billion, representing growth of 8.6 per cent or $1.6 billion over the prior year. “In the past quarter, we have achieved consistent growth in all major business lines. Our strong loan growth continued in this quarter with total loans growing $620.5 million or 5.7 per cent compared to the last quarter.
 
This, coupled with growth in Other Income, has resulted in a notable improvement in our financial results for this quarter with revenue increasing by $32.6 million or ten per cent over the comparative 2013 quarter,” the joint statement from Scotiabank chair Sylvia Chrominska and managing director Anya Schnoor said.
 
“Other Income increased by $30.9 million or 31 per cent over the comparative quarter one year ago. This was derived from various initiatives which the bank undertook to curtail effects of prolonged margin compression. Despite continuing to invest heavily in our people, brand and technology, our operating efficiency ratio of 48.6 per cent makes us an industry leader in delivering quality products and service in an efficient manner.”
 
It added: “The Group is well capitalised with capital adequacy ratio of 27 per cent, well above the required eight per cent ratio stipulated by local regulators. This, coupled with our strong governance practices, will continue to result in the Group’s stable performance over the long term.”
 
The bank will pay a third interim dividend of 40 cents per ordinary share (2013 — 40 cents) on October 13 to shareholders on record at September 12.
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