Scotiabank TT Ltd has recorded its 25th consecutive year of profitability growth. In a statement, the bank reported income after tax of $658 million for the year ended October 31. That’s an increase of $32 million or five per cent over 2016.
Net income before tax grew by 11 per cent however after consideration of the five per cent increase in corporation tax rate, the growth rate in net income after tax was five per cent.
“Earnings per share increased to 372.9 cents with return on equity improving to 16.80 per cent and return on assets stable at 2.76 per cent, when compared to the same period last year,” Scotiabank said.
Total assets as at October 31 were $24.4 billion, representing growth of $1.1 billion or five per cent over the same time last year.
“In light of continued strong growth”, Scotiabank said its board has approved a fourth quarter dividend of 150 cents per ordinary shares – fourth quarter final dividend of 50 cents and a special dividend of 100 cents – payable on January 12, 2018 to shareholders on record as at December 13, 2017.
Loan loss expense for the period ending October 31 was $106 million, an increase of $29 million over the prior year.
“This increase is reflective of the impact on loan delinquency in a challenging economic environment combined with prudent risk management policies and growth in the loan book. Notwithstanding the above, our credit quality continues to be high as demonstrated by the ratio of non-performing loans as a percentage of gross loans at 2.17 percent.”