Scotia Bank’s operations in both Trinidad and Tobago and Jamaica, have reported some measure of success in navigating the choppy waters of the quarter that ended in April this year.
Last week Scotia, T&T, reported that after-tax income for the quarter ended April 30 last rose by 33% compared with the corresponding period last year. The group realised income after-tax of TT$159 million, TT$39 million more than the figure posted as at April 30, 2020. It attributed its improved position to “prudent risk management strategies” as well as “proactive measures taken in 2020 to mitigate credit losses.”
Scotia Group Jamaica, meanwhile, reported a net income of J$4.5 billion for the six months ended April 30, 2021, up J$463 million or 11.5 per cent compared to the corresponding period ended April 2020. Total revenues, net of expected credit losses for the six months ended April 30, 2021, totaled J$21.5 billion, which was marginally lower than the corresponding period by J$163 million or 0.8 per cent.
Unsurprisingly, Scotia Group Jamaica reported that overall revenues continued to be impacted by the Covid-19 pandemic on account of the reduction in interest rates offered in the market and lower transaction volumes, both of which contributed to a reduction in the group’s net interest income, lower net fees and commissions, as well as insurance revenues.
