Scotiabank reports $145.2M increase in profits

Scotiabank Trinidad and Tobago Limited and its subsidiaries have reported an after tax profit of $145.2 million for the period ended July 31, 2003, an increase of 11.2 percent over the comparative period one year ago.

Total revenue, comprising net interest income and other revenue, was $393.6 million, an increase of 6.5 percent or $24 million over the similar period last year. Net interest income stood at $285.3 million, up $24 million or 9.2 percent from the 2002 figure, during a period of continually declining interest rates and high liquidity across the banking sector. Other revenue, which includes commissions and fees, was recorded at $108.3 million, and remained in line with the same period of 2002. Total assets, as at July 31, 2003, were $7.781 billion. This was an increase of $544 million or 7.5 percent over the same period last year. Cash resources, for the quarter, increased by $275 million, while the continued soft credit demand has resulted in a marginal decline in net loans outstanding. Investments have grown by $288 million or 71 percent over the period last year, while deposits are recorded at $5.3 billion, basically flat over the same period.

Earnings per share (EPS) for the same period was 123.5 cents, compared to 111.0 cents over the similar period last year. Return on Average Equity (ROE) for the period was 23.07 percent and the Productivity Ratio of 42.27 percent remains one of the strongest in the sector. The group continued to strengthen its capital through growth in earnings. Total shareholders equity grew to $884 million, $136 million or 18.2 percent higher than the previous year. The Board of Directors has resolved that the bank pay a third interim dividend of 17 cents per ordinary share payable on October 1, 2003 to shareholders on record at September 8, 2003.