For the first time in 13 years, Scotia Group Jamaica has made more profits than NCB!

Scotia Group Jamaica is reporting a whopping J$17.2 billion in annual profits for the year ended October 31, 2023.  That’s US$110 million!

NCB made J$15.3 billion in profit, which is about US$98 million.

So this whole year, while we’ve been busy talking about NCB and dividends and Lee Chin, Scotia’s been creeping up from behind and boom!  Scotia is now the most profitable bank in Jamaica.

So how did they do it?

According to the financial results, ALL of Scotia’s business lines made a “strong” contribution.

Overall deposits grew by 13% to J$445 billion. Total loans also increased by 15% year-over-year to J$269 billion.

Additionally, its non-performing loans were significantly better than the industry average.

Scotia Group Jamaica also approved a dividend of 40 cents per unit payable on January 19, 2024.  This is an increase over the previous quarter’s dividend payment of 35 cents per stock unit. 

Compared to NCB which just declared a dividend on December 18 after two and a half years. 

So what does President and CEO Audrey Tugwell Henry have to say about Scotiabank’s performance?

Well, she said the stellar results can be attributed to the alignment and strong implementation of their strategic imperatives, which consisted of 2 main tenets:- 

-creating a winning team culture where staff can be their best every day 

-And maintaining an unrelenting commitment to helping customers achieve their financial goals.  

And that’s the bottom line.