Scotiabank Trinidad and Tobago has so far recorded an income after taxation of over half a billion dollars for the financial year 2019, the company’s unaudited financial results have stated.
“Year to date income after taxation was $524 million, an increase of $40 million or eight per cent over the same period last year.
This increase in profitability is mainly due to increased income from our core banking segments, coupled with lower tax expense,” a report singed by Scotiabank’s Chairman Brendan King and managing Director Stephen Bagnarol stated.
As a result, the bank has announced a quarterly dividend of 50 cents per share which will be payable on October 15.
Scotiabank realised income after taxation of $181 million for the quarter ended July 31.
“Loans to customers registered strong growth of $1.3 billion or ten per cent year over year with the majority of the growth being driven in our corporate and commercial segments. Correspondingly, deposits from customers increased by $528 million or three per cent for the nine months of the current financial year,” the report stated.
“Despite a challenging economic environment and a competitive market, the Group’s net interest income increased by $27 million or three per cent over the prior year, driven mainly by growth in the retail and commercial loan portfolio,” it stated.
The quality of the bank’s loan portfolio remained stable over the period the report stated.
“The Group continues to maintain a low-cost base as evidenced by a low productivity ratio of 40 per cent. Net impairment losses decreased by $1 million or one per cent year over year as the Group continues to exercise a prudent risk management approach in managing its loan loss provisioning,” the chairman’s report stated.
“The credit quality of our loan portfolio has remained stable as the ratio of nonaccrual loans to total loans was 2.31 per cent at the end of the period,” it stated.
Reporter: Joel Julien