Scotiabank TT (Scotiabank) on Thursday reported a "strong income after taxation" of $491 million for the nine months ended July 31, 2018.
This represents a decrease of $16 million or three per cent when compared to the prior year. The bank said, "the lower profitability, year over year, is driven by the effect of the higher corporation tax rate (35 per cent), which resulted in an incremental $37 million in tax expense in 2018."
Looking at the third quarter (Q3) specifically, the bank realised income after taxation of $182 million – an increase of $8 million or five per cent over the same quarter last year.
Scotiabank said, "this represents a significant increase in profitability for this quarter, with income after taxation increasing by $20 million or 13 per cent when compared to the previous quarter" ended April 30, 2018.
The bank said a high Return on Equity at 16.46 per cent and Return on Assets at 2.72 per cent continue to highlight its financial strength.
Asked on this performance, the board approved a Q3 dividend payment of $0.50 per ordinary share, payable on October 18 to shareholders on record as at September 20 of this year.