Scotiabank Independence Square, Port-of-Spain.

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Scotiabank Trinidad and Tobago Ltd has realised a first-quarter adjusted net income after taxation of $156 million for the quarter ended January 31.

This profit registers an increase of $8 million or six per cent over the adjusted prior year comparative.

According to a release, the bank said there were two significant one-off items impacting profitability. The first was a $22 million adjustment to increase allowance for credit losses arising from a change in assumptions related to how the group assesses economic scenarios under IFRS 9.

A higher tax expense in 2020 due to a $36 million tax credit recorded by the insurance subsidiary in the prior year, was the second item.

The group’s total revenue increased by five per cent which was driven by increased loans in the retail and corporate/commercial segments, coupled with strong growth in the company’s insurance and credit card portfolios.

In commenting on the results, Stephen Bagnarol, SBTT managing director said: “Our first-quarter results for fiscal 2020 demonstrate the strength of our diversified portfolio. Our core performance continues to be driven by solid growth in our commercial and retail business lines.”

The company’s Total Assets stood at $27 billion, an increase of 10 per cent year over year. The banks loans to customers grew by $1.6 billion or 10 per cent, while deposits grew by $2.5 billion or 14 per cent over the prior year.

Bagnarol said: “Our results are evidence that our considerable efforts to strengthen our business and provide a superior customer experience are paying off.”

He continued: “Scotiabank aims to be the leading bank of the Americas and our commitment to the Caribbean remains strong.”

Bagnarol also contends that the Bank remains steadfast on its digital strategy, to provide its customers with more convenient banking options.

He announced new offerings aimed at improving the safety and security of customers’ transactions.

Bagnarol also indicated that the new Scotia Mobile App will also soon be released, which leverages the successful App launched recently in Canada. He said: “Leadership continues to be a priority and as we evolve our Bank for the future through the development of our employees.”

According to Bagnarol Scotiabank has also partnered with LinkedIn Learning to offer career development with curated learning paths, agile learning, and user-friendly content.