Scotia's posts $184m first quarter income

SCOTIABANK TT's after tax income has risen by 27 per cent, or $39 million, to $184 million for the quarter ending January 31. The bank earned $145 million for the same quarter in January 2018.

Scotiabank in a statement yesterday said the increase was driven by growth in the retail and commercial loan portfolios together with a tax credit and lower impairment losses on financial assets.

Other signs of its financial strength were its return on equity at 18.47 per cent and return on assets at 3.06 per cent, compared respectively to 14.94 per cent and 2.4 per cent in January 2018. Earnings per share rose from 82.4 cents to 104.6 cents.

The bank's board has approved a first quarter dividend of 50 cents per ordinary share – unchanged from the 2018 first quarter – payable on April 12 to shareholders on record as at March 22.

Scotiabank managing director Stephen Bagnarol celebrated the bank's strength and resilience despite the challenging economic climate

“Solid growth year over year of over $1 billion in loans to customers demonstrates that our distribution channels and sales and service culture remain core to us. Over the last five months, we have been engaging several clients in customer surveys where we are seeking to gain insights on areas that we can improve our performance.

"The feedback that we have received is helping us to improve our service and strengthen our relationship with our customers," he said.

Bagnarol also addressed safety concerns identifying measures to combat fraud, such as Scotia Alerts which allows customers to monitor their accounts.

"The safety and security of our customer accounts and information remain top priority at Scotiabank. We have undertaken various initiatives to combat the disruptive attempts made by fraudsters," he said.

Scotiabank, along with the Bankers Association, also continues to educate customers and the public about not sharing personal information and "continuously being on guard against attempts to deceive and obtain information through fraudulent means."

Bagnarol also spoke of the bank's success within the global operations of its Canadian parent group, the Bank of Nova Scotia, saying the subsidiary has been recognised for outstanding community performance. Scotiabank TT's manager public and corporate affairs has been recognised as the community champion.

“These awards are testament to the community spirit which we exhibit as we make a difference in the lives of our young people in Trinidad and Tobago," said Bagnarol, thanking stakeholders for their "loyalty, commitment, trust and confidence.”