For the year ended October 31, 2016, Scotiabank Guyana registered net income of $2.4 billion compared to $2.1 billion for the corresponding period in 2015.
According to the condensed financial statements for 2016 published in the last Sunday Stabroek, total interest income for 2016 was $4.9 billion compared to $4.5 billion in 2015. Net interest expense was $245.3 million in 2015 and this dropped to $211.2 million for last year. That left the bank with net interest income of $4.6 billion for 2016 compared to $4.3 billion in the preceding year. Other income for 2016 was $2.5 billion compared to $2.3 billion in 2015. That left the bank with net interest and other income of $7.2 billion for 2016 ranged against $6.7 billion for 2015.
In terms of expenses, salaries and benefits totaled $899.6 million for 2016 compared to $863.6 million in 2015. Loan loss expense – a statistic that is being closely watched in local banks – was $243 million for 2016 compared to the much larger figure of $446.9 million in 2015. Total non-interest expense was $3.1 billion in 2016 compared to $3.064 billion in the previous year. The taxation expense for 2016 was $1.7 billion compared to $1.5 billion in the previous year.
