Sco­tia­bank T&T has record­ed a prof­it af­ter tax­a­tion of $324 mil­lion for the six months end­ed April 30, 2024, which rep­re­sents an in­crease of $11 mil­lion or 3 per cent com­pared to the same pe­ri­od in 2023. 

In a news re­lease yes­ter­day, the bank said earn­ings per share (EPS) in­creased to $1.83 cents, which was "dri­ven by the in­crease in prof­itabil­i­ty.” 

In his note to share­hold­ers, the bank's chair­man, Derek Hud­son, said the group record­ed an in­crease in to­tal rev­enue of $33 mil­lion or four per cent, dri­ven main­ly by growth in net in­ter­est in­come of $39 mil­lion or six per cent.  

“This in­crease was achieved through con­tin­ued strong growth in loan bal­ances in both re­tail and com­mer­cial seg­ments. The in­crease in net in­ter­est in­come was par­tial­ly off­set by de­clines in oth­er in­come of $5 mil­lion or two per cent, aris­ing from low­er trad­ing rev­enues. The group con­tin­ues to nav­i­gate the im­pact of in­fla­tion, while al­so fo­cus­ing on in­vest­ing in our peo­ple, tech­nol­o­gy, and cus­tomer ex­pe­ri­ence,” Hud­son de­tailed. 

Non-in­ter­est ex­pens­es, he said, in­creased by $34 mil­lion or nine per cent over the pri­or year and de­spite this in­crease, the bank’s pro­duc­tiv­i­ty ra­tio stands at 43 per cent. It re­mains the best in class in the lo­cal bank­ing sec­tor. 

Al­so com­ment­ing on the group's per­for­mance man­ag­ing di­rec­tor of Sco­tia­bank T&T, Gayle Pa­zos, said yet an­oth­er strong per­for­mance by the group was dri­ven by growth in core rev­enues, es­pe­cial­ly in the area of net loans to cus­tomers which grew by $1.3 bil­lion re­sult­ing in in­creased loan in­ter­est in­come. 

"Cor­re­spond­ing­ly, de­posits from cus­tomers al­so grew by $1.3 bil­lion or six per cent, re­flect­ing the con­tin­ued con­fi­dence our cus­tomers place in us as we pro­vide so­lu­tions to their fi­nan­cial needs,” Pa­zos added. 

The bank an­nounced a div­i­dend of $0.70 per share for the sec­ond quar­ter.