Scotiabank funds report profits

SCOTIABANK TT’s fixed income fund, growth and income fund and short-term income fund all reported profits in its quarterly unaudited financial statements for the quarter ending March 31, which were released to the public on its website on Wednesday.

The fixed income fund reported an increase in net assets attributable to holders of redeemable units of $5.4 million as compared to $5.6 million for the same period in 2023.

The growth and income fund reported $7.15 million in the first quarter of 2024 up from $4.05 million for the same period the year before.

The short-term income fund reported an increase in assets to the tune of $3.02 million, as compared to $1.28 for the same period the year before.

The bank’s fixed income fund’s report said it earned income from financial instruments to the tune of $8.78 million as compared to the same period last year when it earned $8.9 million for the same period last year. Its net operating expenses for the first quarter of this year were $3.3 million, as compared to $3.2 million the year before.

The growth and income fund reported a net income of $9.7 million for the first quarter of 2024, as compared to $6.7 million the year before. Total operating expenses amounted to $2.4 million, leaving an operating profit of $7.3 million as compared to $2.6 million in operating expenses for the same period in 2023, which left an operating profit for that year of $4.16 million.

Withholding taxes to the tune of $152,885 were reported in the first quarter of 2024 as compared to $117,312 for the same period in 2023.

For the short-term income fund, Scotiabank recorded $4.7 million in interest for distribution purposes, as compared to $2.05 million the year before. The fund reported a net realised loss on non-derivative financial assets, of $2,422, but reported a subsequent gain on non-derivative financial assets of $162,653, which left a total net income before expenses of $4.89 million.

While there was no loss from non-derivative financial assets for the same period the year before, Scotiabank reported a gain of $123,698.

This resulted in a total net income before expenses of $2.1 million. Total operating expenses for the first quarter of 2024 were $1.8 million as compared to $892,841 for the year before.