Scotiabank takes Bank of the Year and Best Bank in TT awards

NOTWITHSTANDING the crippling effects of the global pandemic, Scotiabank TT Ltd has been able to adjust its operations to fit the needs of its clients while maintaining service levels, so much so, that it has grabbed two prestigious awards in one year – TT’s Bank of the Year and Best Bank in Trinidad and Tobago.

The Bank of the Year award is announced by The Banker Magazine while the Best Bank award is given by Global Finance, a release from the bank stated. The release also detailed the bank's fiscal performance for the year ending October 2020.

This is the second consecutive year Scotiabank has won the title of TT’s Bank of the Year and the seventh occasion it has been recognised by the publication, having also achieved the title in 2007, 2010, 2013, 2014 and 2016 and 2019. The award follows a similar recognition by Global Finance – Best Bank in Trinidad and Tobago 2020 – announced earlier in the year.

The bank thanked its customers for their confidence, loyalty and trust even as it experienced a 22 per cent decline in profits for the year because of the pandemic.

“I want to thank our employees across the Group for rising to the challenge brought on by the pandemic, working so tirelessly with a clear aim to preserve the health and safety of their fellow employees and customers,” said the bank's managing director Stephen Bagnarol.

The bank announced that it garnered $521 million for the fiscal year, a reduction by about 22 per cent, or $147 million. “Additionally our expected credit losses have increased by over $86 million over the prior year as we prudently position the group for potential future expected credit it losses that could arise due to the impact of covid19,” the bank said.

The bank however continues to maintain a strong capital adequacy at 20 per cent despite the significant increase in credit losses. The bank also announced increases in loans as their portfolio increased by about $200 million to stand at $16.3 billion. Deposits from customers also increased by $1.8 million – a 10 per cent increase. Their insurance segment also increased in policy sales, resulting in a $100 million increase in policyholder liabilities.

The bank said it continued to invest in digital and ATM platforms to provide customers with channels in which they can conduct their banking needs in a safe, secure and efficient manner. Customers, according to the release sent by the bank, can now make cash payments directly to their credit card by inserting the card at the ATM.

Scotiabank also announced that they got over a half million more online transactions as compared to last year. “This is a true testament of our customers’ confidence in our system,” the bank said. The bank also assisted customers who were in need.

“We provided assistance to over 75,000 customers since the pandemic hit Trinidad and we are pleased to note, that the vast majority of customers have now sufficiently recovered and are now able to satisfactorily meet their financial obligations.” This year, Scotiabank was also named the Bank of the Year 2020 in Barbados, Canada and Jamaica.