Scotia Group Jamaica Limited reported an improved six-month performance, as all its business lines contributed to increased revenues and profits.

Scotia Group President and CEO Audrey Tugwell Henry, on Friday during the company’s earnings, said the financial performance is the result of “a careful execution of our strategy”, which includes prudent risk management and efficient management of business operations.

For the half-year ending April 30, 2025, Scotia Group’s profit after tax grew to $9.2 billion, reflecting a 7.8 per cent increase over the $8.54 billion reported in the corresponding period last year.

However, profit after tax for the quarter dipped 7.2 per cent to $5 billion when compared to the same quarter in 2024.

Still, the performance reflected a 19 per cent increase over the first quarter.

The financial institution has declared a dividend of 45 cents per share for the second quarter.

Revenues for the six months rose by 12.9 per cent year-on-year to $32.15 billion, while the company’s operating expense of $18.02 showed an increase of 16.6. per cent.

Tugwell Henry said the uptick in revenue was “driven primarily by the significant growth in our loan portfolio, which grew by $42 billion or 15 per cent over the prior year.” Corporate and commercial loans increased by 7 per cent, mortgages rose by 24 per cent, and the flagship consumer loan Scotia Plan grew by 14 per cent.

Senior Vice-President (SVP) of Corporate and Commercial Banking Morris Nelson explained that the company disbursed loans across all sectors in Jamaica, supporting economic growth. He added that the company still maintains a “strong pipeline” of loans as it enters the second half of the financial year.

“We are particularly pleased with our loan growth,” Tugwell Henry noted, adding that the bank is “adequately covered” by credit loss provisions in relation to non-performing loans.

At the same time, Scotiabank’s deposits increased by 10 per cent.

Within the other segments, Scotia Life Jamaica Limited, Scotia General Insurance Agency, and Scotia Investments, there were also positive contributions.

Commenting on the life insurance business line, SVP Debra Lopez shared that the segment’s improved earnings were due to increasing “alternative channels” to meet customer needs and its “proprietary” digital onboarding platform. She added that the company will continue the roll-out of digital solutions, with more updates on the digital strategy coming.

For Scotia Investments, the company had one of its best performances in years, according to SVP Sabrina Cooper.

“All major revenue levers are moving in the right direction and showing double-digit growth, bolstered by a strong sales advisory team…We’ve also seen very good traction in our corporate solutions team,” she stated.

Cooper also credited the performance to a collaborative effort with the commercial and corporate banking division, as the group endeavours to offer a full suite of financial services to its customers.

Scotia Group’s operating expenses also grew by 16 per cent owing to more spending on staff development, digital technology support and servicing, and cash transportation.

On the balance sheet, the group’s asset base expanded by $87 million. Along with growth in Scotia Group’s loan book, the financial institution’s cash resources increased by $7 billion or 3.7 per cent.

The increase in asset value strengthened Scotia Group’s capitalisation, which exceeded local regulatory capital requirements.

Moreover, Tugwell Henry pointed out, “Our strong capital position and robust liquidity levels effectively enable us to execute our growth strategies and position us to take advantage of any growth opportunities in the future.”