Bill Clarke, BNS Managing Director - FileSCOTIABANK JAMAICA has reported a net profit of $914 million for the third quarter to the end of July.
This the bank attributed in part to sound credit and interest rate risk management, expense control and continued growth in key business lines.
In the unaudited results released last week, the bank said net profit for the period was $95 million or 12 per cent more than the corresponding period last year, and $47 million more than the previous quarter.
Net income for the nine months totalled $2.6 billion, an increase of $245 million or 10 per cent over the same period the previous year.
According to a news release, earnings per share for the quarter increased by six cents over last year to 62 cents.
The board of directors has approved an interim dividend of 28.5 cents per stock unit, to be paid on October 4 to stockholders on record at September 12.
Total revenues, comprising net interest income and other revenue, increased by nine per cent or $835 million to almost $9.76 billion, while net interest income was up $582 million or 10 per cent to $6.3 billion. The increase was primarily due to growth in average total earning assets.
Other revenue, excluding insurance premium income, rose to $1.4 billion, up $114 million. Premium income increased by seven per cent or $139 million.
Non-performing loans decreased by 17 per cent from just over $1.1 billion a year ago to $941 million, but that was $30 million above the $911 million recorded at the end of the second quarter in April.
Scotiabank saw its assets increase by $20 billion or 21 per cent to $115 billion as at the end of July, this year, and $3 billion or three per cent more than the figure recorded in April, this year.
Cash resources increased by $9.2 billion due mainly to continued growth in deposits, while investments and repurchase agreements decreased by $1.5 billion.
The Bank said that despite a soft demand for loans, "we achieved good growth in loans outstanding, and our market share of both commercial and retail loans increased as a result of competitive pricing."
Deposits grew by 13.3 per cent to $72.3 billion, "reflecting continued confidence in Scotiabank," the release said.
Total shareholders' equity grew to $11.5 billion, an increase of 4.5 per cent or $498 million over the previous quarter, and $1.8 billion or 19 per cent higher than last year.
