Scotiabank earns $600m profit for 2021

Scotiabank's Independence Square, Port of Spain branch. - FILE PHOTO/AYANNA KINSALE
Scotiabank's Independence Square, Port of Spain branch. - FILE PHOTO/AYANNA KINSALE

Scotiabank made more than $600 million in profits for the year ended October 31, 2021, an $82 million increase over the same period in 2020.

The numbers were revealed in Scotiabank’s consolidated financial statements released on Wednesday.

The report said Scotiabank made $603.5 million in after-tax profit this year compared to $520.8 million, last year. Its before-tax profit was $919.7 million, up from $790.8 million.

Total revenue was $1.73 billion, down from $1.77 billion. However, its total non-interest expenses and net impairment loss on assets were lower at 701.9 million and $108.5 million respectively. In 2020, the amounts were $757.3 million and $229.9 million.

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