Scotia Group (BNS Jamaica) is eking out more profit from its retail banking arm, with profit before tax from this segment climbing to $1.17 billion for the first quarter ended January 31, compared to $611.75 million in the first quarter of 2015.
Jackie Sharp, President and CEO said the bank is seeing results from a renewed focus on core business, also indicating that there were higher loan volumes and reduced wholesaling of loans during the quarter.
On January 31, the groups loan portfolio stood at $156 billion, increasing by $10.1 billion or seven per cent year over year. Deposits were $219 billion, increasing by $21.2 billion or 11 per cent year over year.
While retail banking contributed 48 per cent to revenues, the contribution of treasury was eight per cent, investment management services eight per cent, corporate banking 23 per cent and other, two per cent.
Published in the Observer
Read Full Article →