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Scotiabank assets now at $20.2 billion
For the six month period ended April 30, Scotiabank T&T Limited recorded net income after tax of $249.7 million, $20.1 million or 7.5 per cent less than the $269.9 million for the corresponding period in 2013. Total assets stood at $20.2 billion, representing growth of 10.1 per cent or $1.9 billion compared to a year ago. In a joint statement, chairman Sylvia Chrominska and managing director Anya Schnoor said the bank continued to enjoy strong asset growth, with total loans increasing by $725.7 million or 7.2 per cent and deposits growing $1,420 million or 10.5 per cent over the year.
They said: “Over the past 15 months, the Central Bank of Trinidad and Tobago (CBTT) has continued to report negative growth in business lending in the economy. “Despite this trend, however, we have been able to maintain strong loan growth in an increasingly competitive environment. “Net interest income this quarter, as compared to last year, was negatively impacted by the continued low interest rate environment driven by record levels of liquidity and the effects of the mortgage market reference rate (MMRR), which was implemented by CBTT two years ago.”
Chrominska and Schnoor said notwithstanding the impact of margin compression on Scotiabank’s asset portfolio, the bank continues to invest in its people and technology. They expressed confidence in the strategy of diversifying the bank’s revenue base and focusing on growing non-revenue sources in the areas of wealth and insurance. “This, coupled with our strong capital base and risk management principles, will augur well for the continued stable performance of the bank over the long term,” they said.