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Scotiabank earns $491m in third quarter
Scotiabank T&T Limited earned income after tax of $491 million for the nine months ended July 31. This is an increase of $8 million or 5 per cent over the same quarter in 2017.
Income after tax increased by $20 million or 13 per cent compared to the previous quarter ended April 30
The bank’s latest financial results, which were released yesterday, also showed a high return on equity of 16.46 per cent and return on assets of 2.72 per cent.
In a release highlighting its financial strength, the bank said the latest results were achieved “despite increased corporation tax rates levied on commercial banks at 35 per cent.”
Scotiabank’s board of directors has approved a third quarter dividend of 50 cents per ordinary share payable on October 18.
Commenting on the results, Stephen Bagnarol, Managing Director said: “The bank continues to build on the momentium of the second quarter with a good third quarter performance. Total revenue grew by 7 per cent, driven by continued growth in our retail portfolio as well as growth in our insurance business line.”
In a joint statement to shareholders, Bagnarol and Scotiabank chairman Brendan King said: The Group continues to maintain operational efficiency as evidenced by a low productivity ratio of 39 per cent which is the same as the comparative period last year.
“Loan loss expenses increased by $18 million year over year as the Group continues to exercise a prudent risk management approach in managing its loan portfolio. The credit quality of our loan portfolio however continues to be strong as the ratio of non-accrual loans to total loans remained stable at 2.25 per cent at the end of the period.
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