Scotia rides high with double-digit increases in loans and deposits Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Scotia Group Jamaica has announced robust growth in its loan portfolio, surging by 17.4 per cent, alongside an 11.4 per cent increase in deposits for the quarter ending January 2024. 

Despite a slight dip in profits, Scotia Group remains unfazed proudly proclaiming itself as Jamaica’s premier bank, bolstered by its recent accolades.

“The trust and client primacy we have in Jamaica is unique in our global Scotiabank footprint. We are the most trusted financial provider in Jamaica, providing a differentiated competitive advantage”, declared Anya Schnoor, chair of Scotia Jamaica. 

Scotia Jamaica copped the awards of best digital bank and best mobile banking app in Jamaica from Global Finance magazine and best bank in Jamaica from the Euromoney Awards for Excellence. 

Speaking at the bank’s annual general meeting on Thursday, March 2, Schnoor said trust continues to be a foundation of the business, “enabling the change needed to hold ourselves to a higher standard when it comes to safeguarding our clients’ finances and future”. 

Scotia Group Jamaica Limited’s profit moved to $3.13 billion for the first quarter ending January, reflecting a seven per cent dip.

Its banking, investment services, and insurance operations generated $14.9 billion in revenue, an increase of 8.5 per cent from the previous year. 

The improvement resulted from increases in loans and gains from foreign currency activities. But higher costs, specifically salaries, dragged down the group’s profit.

Audrey Tugwell Henry, Scotia Jamaica President and CEO said total revenues excluding credit losses increased by $12.3 billion or 28.6 per cent year over year to $55.5 billion.

“Total assets at year-end was $64.7 billion reflecting an increase of 70.3 billion dollars or 12 per cent; this was underpinned by the outstanding performance of our loan portfolio, which grew by 15 per cent or $34.2 billion”. Tugwell Henry outlined.

She said net insurance revenue was up by $932 million or 105 per cent, with the company selling over 8,300 insurance policies during the year, having a two per cent increase on gross written insurance premiums to $9.6 billion.

“We saw our mortgage book increasing year-over-year by 24 per cent. Our clients have placed their trust and confidence in the Scotia Group and this is reflected in a significant increase in our deposit portfolio, which stood at $446 billion or a 12 per cent increase year”, Tuwgwell Henry said. 

She also announced a dividend of 40 cents per stock unit to be paid in April, up from the 25 cents per unit paid last year.