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Scotiabank net income increase to $144.3m
Scotiabank T&T has recorded $144.3 million net income for the first quarter of 2014, a figure managing director Anya M. Schnoor says is an indication that this will be another solid financial year for the bank. Schnoor told the bank’s annual general meeting at Paria Suites, La Romain, that the figure was a 1.6 per cent increase over the same period last year. It follows the bank’s after tax net income of $561.2 million at the end of 2013, which Schnoor said was an increase of $15.6 million or 2.9 per cent over the same period last year.
The bank’s total assets at the end of the 2013 stood at $19.5 billon, an increase of 10.2 per cent or $1.8 billion over the comparative period in 2012.
Schnoor said Scotiabank, which celebrates its 60th anniversary this year, is hopeful that the current fiscal climate will continue since T&T’s economy is showing stability. She later told reporters: “We are expecting the economy to continue to show positive growth and this will translate into enhanced business and consumer confidence.
If the economy continues to pick up, we should see our loan growth picking up. But in the absence of loan growth or slow loan growth what we have done is really focus on diversifying our company and we are expanding our new products in other areas such as insurance and wealth.”
Schnoor said the bank also performed well “in the area of capital markets, where we are looking.” Scotiabank Insurance sold 10,000 new policies, a record performance for that subsidiary. In addition, the bank is helping businesses do transactions for financing expansion and providing advisory services. This, she said, is an area where the bank has spent time building capability internally.
Scotiabank chairman Sylvia D. Chrominska told the AGM: “We are strong and stable and ready to support our customers through the economic challenges of today, as well as those that may come in the days ahead.” She said the bank is committed to T&T and the Caribbean. Commenting on the economy, Chrominska said “growth seems to be picking up, albeit slowly.”
She added: “While output from the energy sector has moderated, non-energy output has increased, a clear benefit of economic diversity. Over the next year we expect the economy to continue to grow at a moderate pace, which will provide the needed stability for our bank to continue to expand locally.” In commemoration of the bank’s anniversary Chrominska said Scotiabank will disburse more than $60,000 in funding to various community projects.
Shareholders praised the bank for holding the AGM in South Trinidad for the first time.