FIRST CITIZENS Group Financial Holdings Ltd has reported a profit after tax of $989.6 million for the year ending September 30, an increase in profits for the same period last year, when it earned $956.9 million.
The financial figures come from a summary financial statement from the group for the period ending September 30, 2025.
The report said the group earned $2.1 billion in net income. It earned $2.46 billion in interest income but lost $359.9 million in interest expenses.
The group reported $54.4 million in impairment costs but got a credit impairment writeback on financial assets which contributed to the group reporting $1.3 billion in profit before taxes.
For the same period in 2024, the group earned $2.3 billion in interest income and incurred $290.5 million in interest expenses, resulting in a net income of $2 billion.
The group reported impairment costs valued at $13 million, but credit impairment writeback on financial assets was reported at $9.6 million. The impairment and the writeback contributed to a profit before tax of $1.2 billion.
First Citizens Group was one of the financial institutions that saw significant changes in its group for the year.
A new board of directors, led by Shankar Bidaisee, was elected for the group at special general meeting at the National Academy for the Performing Arts (NAPA) on October 8, replacing board members who had been at the group for more than ten years.
Deputy Group CEO Jason Julien was picked as Group CEO at the end of October.
FOR the first time, Scotiabank Trinidad and Tobago Ltd has earned over $2 billion in revenue.
The company also declared a profit after tax of $696 million for the year ended October 2025, surpassing October 2024 numbers by $38 million.
The subsidiary of the Canada-based Bank of Nova Scotia also recorded its highest ever earnings per share, which increased to 395 cents with a dividend yield of 6.26 per cent.
Dividends also stood at 90 cents per share for the fourth quarter, totalling 300 cents for 2025.
Managing director Gayle Pazos said, “I am pleased to report another successful year for our group. This strong financial performance reflects the success of our strategic initiatives, deliberate investment in digital technologies, delivering product and payment capability coupled with customer-focused execution.
“For the first time in our history, total revenue exceeded $2 billion, with year-on-year growth of seven per cent, with strong retail loan growth. Our investment portfolio also grew by $522 million or eight per cent, and deposits with customers grew by $1.4 billion or six per cent, demonstrating our customers’ confidence in our portfolio of products.
“The company’s digital adaptation increased to 57 per cent as it continues to modernise daily transitions. He said only two per cent of all transactions are processed over the counter at the bank’s branches.
“The company’s net interest income also increased by over $100 million to $1.5 billion in 2025. Interest income on loans to customers rose by $58 million, with retail loan income growing by four per cent and commercial by six per cent.
“Apart from leveraging digital advancements within the retail and corporate/commercial segments, we have committed to working alongside our customers, understanding their needs and providing better opportunities for our clients. In closing, I want to extend heartfelt thanks to all Scotiabankers for their hard work and commitment over the last year. Your lean in ensured another year of outstanding achievement for our bank.”
SCOTIABANK Trinidad and Tobago has achieved a double win, earning the coveted “Bank of the Year 2025” title from both LatinFinance and The Banker Magazine. In a media release on December 8, Scotiabank said these global accolades underscore its commitment to innovation, resilience, and delivering exceptional client experiences while driving sustainable growth.
LatinFinance honours institutions that set benchmarks in retail, commercial, and investment banking across Latin America and the Caribbean, while The Banker Magazine, published by the Financial Times, recognises banks worldwide for outstanding financial performance, technological innovation, and community impact.
Gayle Pazos, Senior Vice President and Managing Director, Scotiabank TT, said, “These accolades highlight Scotiabank’s continued leadership and our focus on strengthening our positioning in TT, building deeper and more meaningful relationships with our clients, and creating simpler, more seamless banking experiences. They also speak to the power of our people – a team that works together with a shared vision and a strong commitment to innovation, resilience, and exceptional service.
“We are truly honoured by this recognition and remain dedicated to shaping a smarter, safer, and more rewarding future for banking in TT.”
The bank highlighted its 2025 financial growth: income after tax up nine per cent, customer loans up three per cent, and investment portfolio surged 26 per cent. It also noted it achieved a record 57 per cent digital adoption, transforming client experiences.
It also introduced digital onboarding for accounts and credit facilities, and enhanced merchant services for secure, seamless payments. It also noted advanced environmental, social, and governance initiatives with investments in youth development, community programmes, and sustainability.
THE First Citizens Group has announced officially introducing Google Pay – a mobile payment service from Google through First Citizens bank.
The group made the announcement in a media release on December 3, saying it was the first ever launch of such a service in Trinidad and Tobago.
In the release, First Citizens Group CEO Jason Julien said the launch reaffirms the group’s commitment to advancing the country’s digital transformation and delivering world-class banking experiences for customers.
“As a forward-thinking financial institution, First Citizens is proud to deliver Google Pay to TT, elevating the way customers pay through smarter, safer and frictionless digital experiences,” Julien said. “This launch reaffirms our commitment to advancing the nation’s digital transformation and delivering world-class banking experiences that seamlessly align with our customers’ evolving lifestyles.”
The release said Google Pay allows users to create a digital wallet which will link to their First Citizens’ credit or prepaid cards to their mobile devices. The feature will enable secure, contact-less payments in stores and online.
Jason Julien, First Citizens Group CEO. –
Customers and merchants were encouraged to embrace the new way to pay noting it makes buying safer and easier and keeps merchants ahead of the curve in terms of customer behaviour.
Merchants can benefit from faster checkout times, reduced fraud risk, and a modern, digital-first customer experience, the release said.
“By simply tapping to pay with Google Pay, they can enjoy a faster, easier and seamless transaction experience,” it said. “The adoption of this technology positions retailers and service providers to stay ahead of changing consumer behaviour while strengthening their competitiveness in an increasingly digital marketplace.”
The introduction of Google Pay signals “important behavioural shifts from traditional card usage to frictionless phone-based payments.”
“As our customers’ lives grow more digital, our goal is to make everyday banking effortless,” Julien said. “This is about providing them with the flexibility to pay in ways that match their evolving needs.”
How it works
Google Pay enables in-store payments using a near-field communication (NFC) enabled device to pay at contact-less terminals, by simply holding it close to the payment symbol.
Google Pay can also be used as a payment option at checkout apps or on websites, giving more options for online purchases. It can also be used for peer-to-peer transactions. Customers do not even have to upload money to the balance, making it another safe and secure option to use existing credit or debit cards.
As far as security is concerned, Google Pay uses tokenisation, which creates a virtual account number for each transaction rather than your debit or credit card details. Payments are also secured with your devices PIN, pass code or biometric authentication such as fingerprints or face scans.
THE CENTRAL Bank met with representatives of the accounting firm KPMG on September 30 to discuss the potential for introducing Islamic finance services as part of the country’s financial sector development.
The meeting, held at the Central Bank in Port of Spain, included governor Larry Howai and KPMG officials Dushyant Sookram, country managing partner; Arnold Niranjan, advisory partner; and Khabeeda Abdool, advisory manager.
They were joined virtually by Pravin Manik, audit director at KPMG in Bahrain.
KPMG presented Islamic finance as an alternative that could support innovation, financial inclusion, liquidity management, foreign investment and domestic economic activity.
The Central Bank said the approach could help broaden and diversify both the economy and the financial services sector.
“The Central Bank believes that TT has an opportunity to pioneer regulated Islamic financial services in the region,” it said in a statement.
“The bank also sees this as an opportunity to broaden and diversify the economy and the financial services sector as a whole.”
Sookram highlighted the importance of regulation and depositor protection if such services are to be pursued.
“At KPMG, we are passionate about the possibilities that Islamic Finance Services can offer to the local community, and our next step is to engage other key stakeholders, including the government and the commercial banks and to complete a feasibility study to gain a comprehensive understanding of the market interest,” he said.
Howai welcomed the discussions and signalled the regulator’s interest in exploring new ideas.
“The Central Bank is committed to supporting forward-thinking initiatives such as the Islamic finance services model with the potential to be transformative for the financial sector and the country,” he said.
The bank said it intends to continue the initiative in line with its vision of fostering innovation, stability and growth in the national financial sector.
SCOTIABANK TT has reported a profit after tax of $531 million for the nine months ended July 31.
This represents an increase of $43 million or nine per cent over the same period the year before, when it earned $488 million.
The bank’s profits were revealed in the company’s consolidated financial report shared on September 9.
For the period, the bank recorded an increase in total revenue of $120 million or eight per cent, driven mainly by growth in net interest income of $93 million or nine per cent.
This increase was attributed to continued expansion in the loan balances in both retail and commercial segments, as well as an increase in investment income.
Loans to customers also grew by $700 million or three per cent.
Other income increased by $27 million or seven per cent, driven by growth in core business activities across all segments.
Couva South Primary School students and a Scotiabank TT representative pose with their seedlings before planting them in the newly installed grow boxes courtesy of Scotiabank. –
Scotiabank TT also realised significant asset growth, reporting a growth of $1.5 billion or five per cent.
The bank saw an increase in deposits with customers, which grew by $1 billion or four per cent. Digital adoption increased to 57 per cent.
Scotiabank TT said the improved profitability resulted in an increased return on equity of 15 per cent and a 2.3 per cent increase in its return on assets.
In her statement, managing director Gayle Pazos said the positive results were driven by core revenue growth, expense control, robust strategies and market positioning.
“Apart from leveraging digital advancements within the retail and corporate/commercial segments, we have focused on improving our product and rate offerings in selected areas to provide better opportunities for our clients,” Pazos said.
CIBC Caribbean Bank Ltd reported an operating loss for the third quarter ended July 31.
The bank, however, will proceed with its third interim dividend payment to shareholders.
In a notice dated September 8, CIBC disclosed that the loss arose from increased credit provisions and one-off restructuring expenses, which offset revenue growth recorded during the period.
While specific figures were not included in the brief regulatory filing, the bank noted its capital and liquidity positions remain strong.
The board approved a dividend of US$0.0125 per share, payable on October 8 to shareholders on record as of September 24.
This marks the third interim dividend declared for the financial year.
CIBC Caribbean, which operates across several regional markets, has faced economic turbulence linked to slower growth in key tourism-dependent economies and elevated inflationary pressures.
The bank said its ongoing restructuring initiatives are aimed at strengthening efficiency and positioning the bank for long-term growth.
Dividend payments during periods of loss are not uncommon for well-capitalised banks, as they aim to balance shareholder returns with market confidence.
CIBC Caribbean is a subsidiary of the Canada-based CIBC Group, which has a significant presence across the Caribbean through retail, corporate, and investment banking services.
The bank operates in ten countries across the region, including Trinidad and Tobago, employing over 2,700 people in 41 branches.
A High Court judge has ruled that First Citizens Bank is not entitled to charge more than five per cent interest after judgment in a loan dispute, even though the original loan agreement stated a higher rate.
Justice Frank Seepersad made the ruling on July 9, in a case where the bank had asked the court to apply the loan’s contractual interest rate of 10.25 per cent after the judgment was entered. The court instead decided to apply the five per cent statutory rate outlined in the Remedies of Creditors Act.
The case involved a customer who had borrowed money from First Citizens Bank but later defaulted. The bank then took legal action, and on June 4, the court entered judgment against the borrower for $157,986.47 in debt, interest, and costs. The only question left was the rate of interest to apply from the date of judgment until the full amount is paid.
Justice Seepersad explained that while the loan agreement mentioned interest continuing after judgment, the law gave the court the final say. He said courts must avoid allowing judgments to be used as profit-making tools, especially when they can be enforced for up to 12 years.
“This court will not permit its judgment to be used as a product of commercial investment,” Seepersad said. He also considered that the borrower was unwell, unemployed, and could not reasonably afford additional interest charges at the higher rate.
The judge said financial institutions must show empathy and avoid harsh enforcement practices that can place an unfair burden on vulnerable individuals. “Commercial entities must act with a sense of empathy and should shy away from adopting the stance of Shylock,” he said, referencing the Shakespearean character known for demanding a literal “pound of flesh.”
The court concluded that a five per cent post-judgment interest rate was fair, in line with legal principles and prevailing financial conditions. The ruling was made under the Supreme Court of Judicature Act, the Remedies of Creditors Act, and the Civil Proceedings Rules.
SCOTIABANK TT has reported $340 million in profits after tax in its six-month financial report ending on April 30.
The results showed a $17 million or five per cent increase in profits, as compared to the same period the year before when it reported $324 million in profits.
The bank reported that total revenue was $1 billion for the period, an increase of six per cent or $55 million over the year before.
Net interest income for the period was $754 million, up eight per cent or $53 million over the year before. Interest income on loans to customers also saw a five per cent or $31 million increase, but it was offset by an increase in customer deposit interest – the interest paid by the bank to account holders for money deposited into their accounts – of $24 million over the same period the year before.
Based on these results, Scotiabank TT declared a dividend of 70 cents per share for the second quarter of the year. The total dividend for the first half of 2025 is 140 cents.
Earnings per share also increased to 192.9 cents with a dividend yield of 5.35 per cent.
Scotiabank TT managing director Gayle Pazos thanked staff, shareholders and customers for their support in her remarks.
“This strong asset growth underscores our commitment to optimising market conditions and ensuring consistent value creation for our stakeholders,” she said.
SHAREHOLDERS had mixed reactions to Scotiabank’s financial results, which were revealed to them during the bank’s annual general meeting (AGM) at the Hyatt Regency, Port of Spain, on March 11.
Despite the bank reporting increases in profits after tax, some shareholders questioned the level of performance of the bank, with one questioning whether the bank’s performance has plateaued.
The board revealed that Scotiabank reported a net income after tax of $658 million for the year ending October 31, 2024.
The result was an increase, according to the board, of one per cent or $3 million.
Chief financial officer Reshard Mohammed said it was the third successive year the bank posted a profit before tax of more than $1 billion.
“The 2024 performance was characterised by strong growth in lending activities across key segments,” Mohammed said.
He added that total revenue for the year was $1.9 billion, a $67 million or four per cent increase over the same period the year before.
The group’s total assets stood at $31.5 billion for the year, a $1.8 billion or six per cent increase over the year before.
However, Mohammed noted that changes in market conditions and inflationary pressures offset the bank’s growth.
While shareholders commended the bank’s performance, one shareholder, Sheldon Edwards, raised the question of the percentage of profits noted in the bank’s financial report.
He said the $3 million increase in profit posted in the bank’s financial reports was not one per cent but actually 0.48 per cent.
Mohammed admitted that the actual percentage was rounded off.
Edwards then questioned the company’s performance, noting that other banks had much higher profit margins while Scotiabank’s profits had been “flat.”
“When you are in the banking and finance sector and you are reporting a lack of profits or no growth, like this, it’s unsustainable,” he said.
Another shareholder, Aaron Housein asked about dividends and earnings per share, noting the bank had recorded a 26 per cent increase in earnings per share and dividends over the last five years.
“Clearly bankers have not made any great profits, it’s just marginally increasing dividends. How does the bank plan to grow in the next five years if the intention is only staying in TT, where the economy will be weaker for the next few years?”
In response, Mohammed explained that profits in other banks were higher because they are holdings companies and therefore reported profits from their assets outside of TT.
Meanwhile, Scotiabank’s financial report is based on TT alone.
He added that despite the figures being restated in accordance with the new international financial reporting standards, resulting in different figures than what was previously stated, the bank remains committed to growing.
“We are constantly looking for ways of improving financial performance,” Mohammed said. “We continue to look at the key operating metrics to ensure we are going to be improving those things like return on assets, return on equity and operating efficiency. Rest assured that the management team and the board have the fullest commitment to ensuring a sustainable growth of profitability in future.”
At the AGM, the board also announced that Anya M Schnoor, who joined the bank in 2006, has retired effective March 11.
Scotiabank chairman Derek Hudson said she has been appointed in a new role as executive vice president for global insurance.
“Thank you very much for your invaluable contribution to Scotiabank TT over the last 12 years. It has been absolutely tremendous,” Hudson said.
The board also recommended Jabar Singh be appointed to the board of directors.
“Mr Singh is the president and CEO of Scotiabank Colpatria and leads the Caribbean and Central American region. He is a seasoned leader with extensive experience across the bank’s various business lines and countries,” Hudson said.
JMMB Group Ltd recorded profits of J$11.8 billion (US$75.1 million) for the financial year ending March 31.
The financial results marked an increase in profits as compared to the same period in 2023, when it recorded J$689.5 million.
JMMB’s limited annual report, published on the TT Stock Exchange’s website on August 19, said it garnered revenue to the tune of J$22.3 billion for this financial year as compared to J$23.3 billion for the same period in 2023. It recorded a profit before tax of J$7.3 billion for 2024, as compared to a loss of J$957 million for the same period in 2023.
Group chairman Archibald Campbell said in his report the group’s financial results reinforces its confidence in the company’s diversification strategy.
“Our carefully developed mix of complementary businesses and investments remains a key competitive advantage. It provides us with crucial balance and diversification across geographies, and a variety of risks, helping us deliver effective solutions to our clients and distinctive value to our shareholders,” he said.
JMMB expanded its regional footprint into Barbados in October last year, meaning that the bank now operates in four countries in the Caribbean.
Campbell said the team at the bank continued to work on centralisation, standardisation and digitisation of its processes, systems and technology. It also continued its digital strategy by launching its mobile app.
“This solution was designed to provide clients with efficient, convenient, and secure access to our services, which is in alignment with our client value proposition of providing a seamless multi-channel experience,” Campbell said.
He said the company will continue to leverage its shared services model over the next year.
“Overall, the core operations of the JMMB Group remain robust, and the group expects to see growth in its key business lines, banking, and investments, in the medium and long term.”
MP for Mayaro Rushton Paray has said Minister of Finance Colm Imbert should be more aggressive in pressing the banking sector to grant debt relief in light of the negative financial impact of the covid19 pandemic.
In a release, Paray said it is unacceptable for the government-owned First Citizens Bank to be the only large financial institution to commit to loan moratoriums.
“Mr Imbert and Central Bank Governor Dr Alvin Hilaire must publicly speak out on the recalcitrant banks and must privately bring pressure upon them to offer the facility of restructured loans,” he said. “At the same time, they must thank and congratulate the supportive smaller financial institutions, including credit unions.”
He said other financial institutions in most countries have introduced monetary policies, including debt relief, to aid financially stricken families and business owners.
“In certain cases governments have implemented measures in which restructured plans are tied to saving workers’ jobs and averting business insolvencies. In Trinidad and Tobago, the ineffective Minister of Finance is permitting the tail to wag the dog by allowing self-serving financial institutions to protect their shareholders’ interest at all costs.”
He said as a result of this, loans have mounted and borrowers are at the mercy of financial institutions.
Tthe government, he said,has left the public to fend for themselves during the pandemic and has refused to hold discussions with interests groups.
Paray referred to a recent statement by president of the Downtown Owners’ and Merchants’ Association Gregory Aboud, who said the government has held “zero consultations” on strategies to find solutions.
“Mr Aboud is also correct in speaking out about the ‘hopelessness and despair’ and ‘the walloping blow’ caused by covid19 on the business community. The authorities must begin to display national leadership.”
