Scotiabank T&T Ltd (The Group) has realised income after tax of $356 million for the period ended April 30, 2022, an increase of $52 million or 17 per cent over the same period ended April 30,2021.
Income after tax for the quarter was $171 million, $12 million or eight per cent more than the quarter ending April 30 2021, according to its financial statement.
The bank noted that improvement over the prior year is driven by an increase in core banking activity resulting in increased revenues, coupled with continued focus on operational efficiency.
Additionally, it said the improvement in profitability has resulted in an increased return on equity from 14.5 per cent in 2021 to 16.8 per cent in 2022 and an increase in return on assets from 2.2 per cent in 2021 to 2.6 per cent in 2022.
Commenting on the results, Managing Director of Scotiabank T&T Ltd, Gayle Pazos said, “Our strong interim results continue to illustrate the strength and resilience of the bank. Loans to customers increased by $1 billion over the last six months, demonstrating our strong sales and service culture as well as our customers’ confidence in our products.
“Our customers continue to embrace our digital channels, with adoption improving year over year leading to a reduction in our non-interest expenses base by four per cent and improvement in our productivity ratio to under 40 per cent in 2022.”
She also noted that the third consecutive year, Scotiabank was named T&T’s Best Bank 2022 by Global Finance Magazine, underscoring the hard work and dedication of its management team and staff.
The bank also noted that total revenue, comprising of net interest income and other income was $952 million for the period ended April 30, 2022, an increase of $84 million or 10 per cent over last year.
Net interest income for the period was $599 million, $21 million or three per cent lower when compared to the same period last year driven by a minor decline in the loan portfolio during 2021 coupled with continued margin compression due to competitive pricing pressures.
The statement also noted that core banking revenues continue to recover, driving other income growth of $105 million or 42 per cent to $353 million in 2022 as the bank has noted increased activity in both the retail and commercial segments.