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The year 2023 was a horrible one for Jamaica’s financial sector.

The Stocks & Securities Limited (SSL) fraud drama, incessant cyber breaches, the Sagicor/ Alyshya Moulton White saga, fair values losses, asset tax, high interest rates, anaemic financial performances, the evisceration of the senior management team at NCB, ABMs’ coming under attack by robbers.

Throughout all this Scotia Group Jamaica under the stewardship of Audrey Tugwell Henry remained a steadfast institution of standards and performance, regaining its position as the pre-eminent banking house in Jamaica.

Its name remained unsullied.

All this was attained with little fanfare. Audrey Tugwell Henry is the epitome of diplomacy and grace. Bragadociousness and bravado is not for her. She doesn’t leave footprints in the snow.

She began her appointed as President and CEO of Scotia Group Jamaica on January 1, 2021, in the middle of the COVID pandemic. It must have been a daunting proposition, certainly a baptism by fire. How do you prevent the business from cratering? How do you protect, safeguard, reassure employees and customers? How long will this virus last and what will be the ramifications for Scotia Group Jamaica?

These questions must have kept her up at night.

On her appointment, taking over  from David Noel after serving as head of Scotia Jamaica’s  Retail Banking since 2017, Scotia’s Group Head of International Banking and Digital Transformation, Ignacio Deschamps said: “Audrey is uniquely suited to lead Scotiabank Jamaica. She is a transformational leader who has consistently demonstrated that she is a catalyst for our performance culture and customer focus.”

That statement by Deschamps turned out to be prophetic and not just corporate spiel. At just two years at the helm, Tugwell Henry has delivered and has done so during turbulent, hostile times. 

Her background gives her a unique perspective and makes her more empathetic to the concerns and worries of her customers. She can intuitively decide who really needs a helping hand and the import of character.

Hailing from Montego Bay, she trained as a teacher at Church Teachers’ College in Mandeville Manchester. She taught English and English Literature at Herbert Morrison Technical High School in Montego Bay.

She started her banking career as a teller at Mutual Security Bank in Montego Bay in 1987.

The Scotia Group Jamaica boss holds a BSc in Management Studies from the University of the West Indies and an MBA in General Management from the Mona School of Business. She has also worked at Citibank.

She joined NCB in 2008 as Senior General Manager for the Retail Banking Division and did a  good job there before going on to be Senior Vice President for Retail and Electronic Banking at BNS.

Most of Jamaica’s top bankers wear laurels of Harvard MBA, coming from top families, having a reputation before proving to be a performer. Tugwell Henry has assiduously climbed and ascended due to merit. Her appearance belies the fact that she has been a banker for over thirty years. She remains dedicated and committed.

Michael Lee Chin has said that he will be on the lookout for a CEO when Bruce Bowen completes his time there. The Chairman of NCB is all too aware of how she has galvanized Scotia Group and produced an outstanding performance for 2023. He probably has cast his eyes at Audrey Tugwell Henry and is figuring out how will he prise her away from Scotia to work her magic for his shop. 

Scotia Group offers end-to end financial services to all its customers .It has 28 branches across the island with 292 ABMs. It has a network of Point-of-Sale terminals and partners with JETS. As much as 98 per cent of all its retail transactions are facilitated through that external network. Mobile banking and online platforms service retail, corporate and commercial customers.

For the financial year November 1, 2022 to October 31, 2023, Scotia Group recorded net income after tax of J$17.23 Billion, 67 per cent above the prior year.

It posted an average equity of 15.15 per cent and its asset base grew by $70.3 Billion to $665 Billion. Shareholders equity increased by $20 Billion.

Scotia Group Jamaica’s  mortgage loan book which grew by 14 per cent in 2022, grew by 25 per cent in 2023 with commercial loans increasing by 12 per cent. Mortgage originations year-over-year have increased with 8 per of its mortgage loan book participating in its switch programme.

Scotia Insurance saw growth in net insurance income of 105 per cent year-over year. Scotia Investments booked growth of 28 per cent year-over-year. The Group has also entered the general insurance market, leveraging its hefty financial expertise.

Corporate and Commercial saw a 97 per cent rise in terms of digital transactions by customers managing their payments.

Scotia Group Jamaica boasts the number one mobile and online  retail banking experience in the country.

In 2023, it launched Scotia Protect, an end-to end digital first insurance company. Scotia is now looking at digital sales.

Audrey Tugwell Henry was elected President of the Jamaica Bankers Association (JBA) in October, 2023

So what was behind this sterling showing?

“High demand for credit  for retail corporate, commercial and small business customers. The economy is performing well and people are taking advantage of the opportunities that the market is presenting. Scotia Jamaica is a highly liquid institution able to find the demand and meet that demand.

Risk management and governance are our secret sauce. Our ability to manage risk allows us to go through periods of adversity without severely impacting our performance. We are very good at efficiently running our business. We pay attention to key efficiency metrics. We are consistently fine-tuning and that in 2023 was supported by our digital-first mindset.

Audrey Tugwell Henry President and CEO of Scotia Group Jamaica

So what is the plan for 2024? 

To focus on Scotia’s customer and employee experiences and underpin this with digital technology, efficiency and risk management. It’s about meeting the needs of these two major stakeholders. That will be further strengthen by deepening client relationships.

“Our capital position, our liquidity position will continue to accelerate. We know we are the dominant financial group in the market. We continue to do the right things and we expect we will deliver even stronger results in 2024,” added Scotia Group Jamaica’s CEO.

At its recently held Christmas Party in Hope Gardens, Kingston, Tugwell Henry was the consummate hostess, welcoming and charming, giving off warm vibes. A far cry from the patrician demeanour of a Bill Clarke or the ram rod awkward formality of her predecessors.

She has a supportive team and has sent the elevator down for women banking executives who continue to flourish. Gabrielle O’ Conner, Yanique Forbes-Patrick, Debra Lopez-Spence, Tonya Russell, Maia Wilson, Sabrina Cooper, Michelle Wright readily spring to mind.

More than 60 per cent of Scotia Jamaica’s senior management team is made up of women.

Tugwell Henry has a reputation of taking an inclusive management approach.

Speaking at the launch of Scotiabank Women’s Initiative last January she said: “ While the region has higher rates of women entrepreneurship and a smaller gap in participation between men and women entrepreneurs than other regions, only 17 per cent of women are entrepreneurs in the formal economy.

“In the context of the larger corporations in the Caribbean, women comprise just 27 per cent of CEOs, 25 per cent of board members and only 18 per cent of board chairs. Practices and cultural norms often restrict women’s advancement in the workplace and most of the products and services available to them continue to be designed by and for men.

“ At current rates of progress it will take 74 years to achieve gender parity in Latin America and the Caribbean (LAC) according to the World Economic Forum (WEF) Global Gender Report. We cannot afford to wait that long.”

This gives some insight into her position on her sister executives and the legacy she wants to leave.

Speaking on Scotia Group Jamaica’s financial performance this year, Audrey Tugwell Henry said: 

“Our results can be attributed to the alignment and strong implementation of our strategic imperatives which consisted of two main tenets:

1. Creating a winning team culture which our staff can be their best every day and 

2. Maintaining an unrelenting commitment to helping customers achieve their financial goals.”

Well done and congratulations Audrey Tugwell Henry.