Scotiabank reports 1st quarter profit of $184 million

Scotiabank Trinidad and Tobago Ltd (Scotiabank) has reported income after taxation of $184 million for the quarter ended 31 January 2019, an increase of $39 million or 27% over the comparative period last year.

A statement by Scotiabank says that the increase over the prior year was driven by growth in the retail and commercial loan portfolios together with a tax credit and lower impairment losses on financial assets. Scotiabank continues to highlight its financial strength with Return on Equity at 18.47% and Return on Assets at 3.06%.

Based on this performance, the board of directors has approved a 1st quarter dividend of 50 cents per ordinary share payable on 12 April 2019 to shareholders on record as at 22 March 2019.

In commenting on the results, Stephen Bagnarol, Managing Director said: “Our first quarter results are evidence of the Bank’s strength and resilience despite the challenging economic climate in which we currently operate. 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. 

The band says safety and security of customer accounts and information remain top priority at Scotiabank.

"We have undertaken various initiatives to combat the disruptive attempts made by fraudsters, one of which is Scotia Alerts which is a feature to monitor your accounts in real time. I encourage you to make every effort to enable this feature on your accounts. Additionally, in conjunction with the Banker’s Association of Trinidad and Tobago, we also continue to educate our customers and the general public on not divulging personal information and continuously being on guard against attempts to deceive and obtain information through fraudulent means," Scoitabank said.

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