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Scotia Group reports $10 billion net profit

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FINANCIAL conglomerate Scotia Group Jamaica (SGJ) posted $10.1 billion net profit for its October year end, or 7.0 per cent less than a year earlier due to a fall in most segment results.

The profit decline resulted in rival National Commercial Bank Jamaica (NCB) usurping SGJ to become the most profitable banking group, with $11.6 billion in annual net profit.

However, SGJ, seen as the more conservative of the two banks, described its performance as creditable within a challenging environment.

Published in the Jamaica Observer
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