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Scotia income down by $24m
Scotiabank T&T Limited reported income after tax of $309 million for the six months ended April 30. This is a decrease of $24 million or seven per cent over the comparative period last year.
This reduction in profitability was mainly due to increased corporation tax rates levied on commercial banks at 35 per cent, combined with higher levels of loan loss provisioning. However, earnings per share at 175.2 cents, return on equity at 15.82 per cent and return on assets at 2.55 per cent highlighted the group’s strength.
As a result, the board of directors has approved a second quarter dividend of 50 cents per ordinary share payable on July 12 to shareholders on record as at June 13.
In commenting on the results managing director Stephen Bagnarol said: “The bank continues to perform in challenging economic circumstances. Our retail loan portfolio continues to grow and has resulted in three per cent growth in total revenue.
“Scotiabank remains committed to working with the Government and other stakeholders during this period of economic uncertainty to ensure the well-being of our customers and the country as a whole.
“The Honourable Colm P Imbert, Minister of Finance visited our Shared Services centre based in Trinidad. He commended Scotiabank for establishing our regional hub in this country, employing 750 local citizens, providing banking and back office support to Scotiabank entities in over 15 Caribbean countries.
“In the last quarter, Scotiabank launched a new customer experience system—called The Pulse or El Pulso. The Pulse is a powerful digital system that allows us to continuously gather feedback from our customers. It enables us to better understand our customers’ needs and prioritise investments to improve their banking experience.”
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