Scotia Group Jamaica reported a net profit of $5.4 billion for the third quarter ending July 2024, a seven per cent increase compared to the same quarter in the previous year.
This performance was driven by growth across its business lines.
For the nine months ending July, the group’s net income reached $14 billion, an increase or 11 per cent higher year on year.
“The group’s performance continues to reflect growth across our business lines, prudent risk management and efficient management of our operations,” said Scotia Group president and CEO Audrey Tugwell Henry in address in the financial report. “Our growth underscores the successful execution of our strategic initiatives.”
Group revenue totalled $15 billion compared to $13.7 billion in the previous year.
The group’s asset base also expanded to $692 billion or 7.5 per cent higher than the previous year, underpinned by the strong performance of its loan portfolio which grew by one-quarter to $291.6 billion from $257 billion in the previous year.
In the prior period financial statements were updated to align quarterly adjustments relating to recently adopted accounting standards under IFRS 17. The group said that this impacted the recognition of deferred loan origination fees.
In addition to the strong performance in loans, Scotia Investments Jamaica Limited reported a 12 per cent increase in assets under management, showcasing the confidence of investors, the company reasoned. The company’s insurance businesses also performed well, with net insurance revenue rising by 9.8 per cent, driven by higher revenue from its Creditor Life portfolio and a 22 per cent increase in policies sold compared to the prior year.
Tugwell Henry said that, as the group “moves into its final quarter of the financial year”, it remains “optimistic about the future”. Shareholders’ equity totalled $132 or 17.2 per cent higher year on year.
