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Scotia posts $2.8-billion 2-Q profits
Sunday, May 24, 2009
Scotia Group Jamaica Limited (Scotia Group) on Friday reported net income available to common shareholders of $2.8 billion for the second quarter ended April 30 2009, an 11 per cent increase above the net income recorded over the comparative period last year.
Earnings per share (EPS) for the quarter was $0.92, compared to $0.81 for last year and $0.78 for the previous quarter. Year to date EPS was $1.70, while Return on Average Equity (ROE) remains very strong at 27 per cent.
The board of directors has approved an interim dividend of 34 cents per stock unit, payable on June 30, 2009 to stockholders on record at May 26, 2009.
Scotia president and CEO Bruce Bowen, said "Scotia Group Jamaica continues to produce solid results consistent with our key priorities of growing our core business lines, diversification, strong expense control and maintaining our prudent risk management. The unprecedented fallout of the global financial markets continues to negatively affect the Jamaican economy, and we have seen the impact on our customers.
"Scotiabank continues to proactively work with our customers and many have benefited from our Customer Assistance programme. Our stakeholders can rest assured that we are committed to be the safe and stable financial institution, which is responsive to our customers' needs," he added.
Over the period under review, Scotia's total Revenue, comprising net interest revenue and other income, was $16.6 billion, an increase of $2.8 billion or just over 20 per cent from the prior year.
Net interest income was $13.6 billion, up $3.1 billion when compared to last year. The bank said that this is due to improved interest margins, resulting from increased market interest rates, and good volume growth in loans, deposits with banks, pledged assets and investment portfolios.
Other revenue, excluding Insurance Premium Income, was $2.6 billion, down when compared with last year.
Scotia's total assets increased year over year by $25 billion or almost nine per cent to $307 billion as at April 30, 2009. The Group's performing loans were $90 billion, up $8 billion or almost nine per cent over the previous year, as the company said it experienced growth in mainly its commercial loan portfolio. Cash resources, investments and pledged assets increased by $17 billion.
Deposits grew to $155 billion, up $10 billion from the comparative period last year. This development, Scotia said, reflects continued confidence in the bank despite challenging market conditions.
Sunday, May 24, 2009
Scotia Group Jamaica Limited (Scotia Group) on Friday reported net income available to common shareholders of $2.8 billion for the second quarter ended April 30 2009, an 11 per cent increase above the net income recorded over the comparative period last year.
Earnings per share (EPS) for the quarter was $0.92, compared to $0.81 for last year and $0.78 for the previous quarter. Year to date EPS was $1.70, while Return on Average Equity (ROE) remains very strong at 27 per cent.
The board of directors has approved an interim dividend of 34 cents per stock unit, payable on June 30, 2009 to stockholders on record at May 26, 2009.
Scotia president and CEO Bruce Bowen, said "Scotia Group Jamaica continues to produce solid results consistent with our key priorities of growing our core business lines, diversification, strong expense control and maintaining our prudent risk management. The unprecedented fallout of the global financial markets continues to negatively affect the Jamaican economy, and we have seen the impact on our customers.
"Scotiabank continues to proactively work with our customers and many have benefited from our Customer Assistance programme. Our stakeholders can rest assured that we are committed to be the safe and stable financial institution, which is responsive to our customers' needs," he added.
Over the period under review, Scotia's total Revenue, comprising net interest revenue and other income, was $16.6 billion, an increase of $2.8 billion or just over 20 per cent from the prior year.
Net interest income was $13.6 billion, up $3.1 billion when compared to last year. The bank said that this is due to improved interest margins, resulting from increased market interest rates, and good volume growth in loans, deposits with banks, pledged assets and investment portfolios.
Other revenue, excluding Insurance Premium Income, was $2.6 billion, down when compared with last year.
Scotia's total assets increased year over year by $25 billion or almost nine per cent to $307 billion as at April 30, 2009. The Group's performing loans were $90 billion, up $8 billion or almost nine per cent over the previous year, as the company said it experienced growth in mainly its commercial loan portfolio. Cash resources, investments and pledged assets increased by $17 billion.
Deposits grew to $155 billion, up $10 billion from the comparative period last year. This development, Scotia said, reflects continued confidence in the bank despite challenging market conditions.
