Scotiabank operations in Trinidad and Tobago and Jamaica had some success in navigating the rough waters in the quarter that ended in April of this year.
Last week, Scotia, T&T, reported that after-tax income for the quarter ended April 30 was up 33% from the corresponding period last year. The group made an after-tax profit of TT $ 159 million, which is TT $ 39 million more than the figure posted on April 30, 2020. It attributed its improved position to “prudent risk management strategies” as well as ‘to’ proactive measures taken in 2020 to mitigate credit losses.
Scotia Group in Jamaica, meanwhile, reported net income of J $ 4.5 billion for the six-month period ended April 30, 2021, up J $ 463 million or 11.5% from the period. corresponding period closed in April 2020. Total revenues, net of expected credit losses for the six months ended April 30, 2021, totaled J $ 21.5 billion, slightly lower than the corresponding period of $ 163 million. Jamaican dollars or 0.8 percent.
Unsurprisingly, Scotia Group Jamaica reported that overall revenues continued to be affected by the Covid-19 pandemic due to reduced interest rates offered in the market and lower transaction volumes, all of which have both contributed to a reduction in the group’s net interest income, lower net fees and commissions, as well as insurance income.