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Scotia makes $4.9 billion over six months

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Scotia Group Jamaica Ltd (BNS) reported group earnings of $3 billion and earnings per share of $0.95 for the three months ended April 2016 and, year to date, for the six months since the start of the financial year, net income of $4.98 billion and earnings per share of $1.57.

Year to date, earnings grew $1.13 billion or 29 per cent, compared to the similar period last year, based on higher loan volumes, particularly in residential mortgages, consumer and small business portfolios, it was reported. These, the group said, offset the reductions in net interest margins due to lower market interest rates and the competitive environment.

Revenues during the six months were $18.9 billion, an increase of $1.13 billion over the prior year, driven by increased volumes countering the impact of reduced margins and improved non-interest revenue.

Published in the Observer
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