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Scotiabank year-end profits advance 5 per cent
Scotiabank Trinidad and Tobago has reported income after tax of $658 million for the year ended October 31, 2017, an increase of $32 million or 5 percent over its 2016 year end figure.
In commenting on the results released yesterday, Stephen Bagnarol, SVP & Head South & East Caribbean said: "It is my pleasure, as one of my first announcements, to report that Scotiabank has once again delivered another year of solid financial results. Net Income after Taxation Grew by $32 million or 5 percent over 2016, highlighting the customers. This was driven by growth across all core business lines in particular retail loans which grew by $645 million or 6 percent year over year. This was even more impressive given the challenging economic environment in which we operate, resulting in lower credit demand in an increasingly competitive market. Our operational efficiency improved over the last year driven by stable levels of expenditure."
The bank's total assets as a its October 31, 2017 year-end stood at $24.4 billion, representing growth of $1.1 billion or 5 percent over the same time last year.
Bagnarol said in the 2018 Budget Presentation, the Government continued to signal the need to grow revenue in light of the significant decrease in revenue from the energy sector, and for the second consecutive year, corporation tax for commercial banks increased by 5 percent.
"With a modest economic outlook for 2018, our continued emphasis will be where it always is, with our customers. Our customers are again at the focus of our brand refresh launched in this quarter with each of us playing a role in helping our customers become better off – 'It starts with you.'” Bagnarol stated
The new Scotia executive also thanked his predecessor, Anya Schnoor for the leadership that she provided over the last five years: "I am proud to inherit such a great team that has won so many accolades over the years. As we usher in the new fiscal year, the team’s passion and dedication together with the continued support of our customers, will continue to drive the success of our Bank."
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