← News Sat Sep 17, 2016 - 10:45 am - 0 comments

Scotia improves profit for 3rd quarter

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Scotia Group Jamaica Limited this week reported $3.4 billion in profit for the third quarter ending July 2016, or roughly $1.08 billion more than the profit posted a year earlier, due in part to higher gains on foreign currency activities.

Profit for the quarter improved by $38 million over the three months ending April 2016. Concurrently, Scotia showed improvement in customer deposits, which increased by $42.4 billion or 20.8 per cent year over year, while its loan portfolio after allowance for impairment losses grew by $15.2 billion or 10.2 per cent.

“We continue to show strong performance this year, resulting from the execution of our strategic initiatives to grow revenues and reduce operating costs. All business lines showed good volume growth year over year as we continue to meet our customers’ diverse needs,” president and CEO of the bank, Jackie Sharp, stated in adjoining statements of the company financials.

Published in the Observer
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