Scotia Group Jamaica has reported net income of $8.54 billion for the six months ended April 30, 2024, representing an increase of $1.1 billion, or 14.0 per cent over the comparative prior period.

Net income for the quarter of $5.4 billion reflected an increase of $2.3 billion over the previous quarter.

The Board of Directors has approved a dividend of 40 cents per stock unit in respect of the second quarter, which is payable on July 18, 2024, to stockholders on record as at June 26, 2024 (Q2 2023 – 35 cents).

The group’s performance continues to be anchored by solid growth across its business lines, prudent risk management, and efficient management of its operations.

Scotia’s asset base grew by $46.2 billion, or 7.3 per cent to $676.5 billion as at April 2024 and was underpinned by the significant growth of its loan portfolio. Deposits from clients increased by $26.9 billion, or 6.1 per cent to $464.4 billion.

President and CEO of the Scotia Group, Audrey Tugwell Henry, commenting on the group’s performance, said, “We are very proud to have delivered another strong quarter to our stakeholders. There has been strong growth across all business lines, which is a testament to the health of our business and the effectiveness of the execution of our strategy. We remain focused on supporting our clients and cultivating a winning team culture, which we believe is key to continued growth and success.

We were very proud to have been bestowed with the coveted Best Bank award from the prestigious Global Finance Magazine for 2024, as well as the Best International Private Bank award. These achievements give credence to our position as the preferred financial institution for Jamaicans. “

Loans

Total loans increased by $35 billion, or 14 per cent over the prior-year period. The retail business also performed well, with a 13 per cent increase in Scotia Plan Loans and another notable performance in the mortgage portfolio, which grew by 24 per cent compared to 2023.

Scotia Investments made a solid contribution to the overall performance of the group, with assets under management increasing by 10 per cent year over year.

Scotia funds have also performed very well, with Scotia Premium JMD Fixed Income Fund and Scotia Premium USD-Indexed Fund ranking first among their peers for the quarter.

Insurance

Scotia Insurance, the life insurance business, continues to perform well. As of the end of the quarter, gross written premiums increased by 7 per cent year over year, and the number of policies sold grew by a strong 24 per cent when compared to the prior period. Scotia’s general insurance agency, Scotia

Protect has demonstrated steady performance since its formal launch last year. There has been significant growth in digital sales via the online platform, where clients can receive a quote and purchase home and motor insurance from the comfort of their homes.

The team has focused their efforts on increasing client awareness about the company’s various products and has been very efficient in targeting the bank’s existing clients. The results have been extremely positive, with sales increasing by 185 per cent and annualized gross written premiums by 205 per cent over the comparative period of the comparative period of the prior year.

Scotia recently opened a new private banking location in Montego Bay to provide clients on the western side of the island with complex financial needs more convenient access to its advisors.

It has completed the full migration of its clients from the previous online platform to the newly upgraded native online banking platform. This upgrade now allows clients to seamlessly conduct their online banking transactions as well as share feedback directly via the mobile or online platforms.