Despite all the turmoil in the financial sector, Scotia Group Jamaica continues to go from strength to strength, putting in yet another commendable financial performance.

Scotia Group reports net income of J$12.8 billion for the nine months ended July 31, 2023, representing an increase of J$5.4 billion or 74.2 per cent over the comparative prior period. Net income for the quarter of $5.2 billion reflected an increase of $952 million or 22.6 per cent over the previous quarter. 

The group’s performance continues to be anchored by prudent risk management; efficient operational management; focus on customer experience and delivery of financial products and services by its team of professional Scotiabankers resulting in solid growth across all  business lines.

In keeping with its commitment to deliver shareholder value, the board of directors approved a dividend of 40 cents per stock unit in respect of the third quarter, which is payable on October 19, to stockholders on record as at September 27. This represents an increase over the previous quarter’s dividend payment of 35 cents per stock unit.

Audrey Tugwell Henry, president and CEO at Scotia Group, commenting on the group’s performance said, “We are very pleased to deliver another quarter of strong results to our shareholders. Our performance is a clear demonstration of precise execution of our strategy. In August, we celebrated 134 years of unbroken service to Jamaica. This tremendous legacy was built on integrity, expertise and an unwavering commitment to providing the best financial solutions for our customers. Our efforts have been acknowledged by international publications, Euromoney and Global Finance which named Scotiabank Jamaica as ‘Best Bank’ and ‘Best Digital Consumer Bank’ in July and August respectively.

“As at the end of Q3, our deposit book grew by 12 per cent and we recorded solid growth across all our core business lines as our customers continue to trust us to support their financial services needs. Our corporate and commercial banking unit has performed very well recording loan growth of 20 per cent versus the prior period as a result of the excellent work of our relationship managers in finding solutions for our business customers. Retail Banking also delivered a strong performance in which our Scotia Plan loans grew by 10 per cent versus the comparative period last year. We continue to see excellent growth in our mortgage business, which improved by 29 per cent when compared to the prior period. We are very proud of this result as more Jamaicans choose Scotiabank to support them in purchasing a home. We are pleased that with the launch of our newest subsidiary Scotia General Insurance Agency, we have been able to provide general insurance to our customers to effectively protect their homes; automobiles and other important assets.”

Scotia Investments Jamaica Limited (SIJL) continues to perform well with a three per cent increase in assets under management versus last year. SIJL also recently launched a new marketing campaign targeting first time investors.  This combined with the reduction of the threshold to $250,000 to start an investment portfolio will augur well for continued growth in this area of Scotia’s business, as it meets the needs of its young investors.

Scotia Insurance made a significant contribution to the group’s results with an increase in net insurance revenue of 194 per cent when compared to the corresponding period last year.

It continues to see a significant need for protection in the market, and with that in mind, Scotia Insurance recently enhanced its popular critical illness insurance product by tripling the available coverage.

Scotia Group Jamaica’s CEO continued : “Scotia Group continues to set itself apart from competitors in the industry through the launch of innovative, relevant solutions for our customers. In July, Scotiabank partnered with American Express to launch The Platinum Card by Scotiabank (in metal), a first for customers in Jamaica. This collaboration combines the strong brand power of two international companies and creates a strong value proposition for customers including unrivalled travel benefits and premium experiences.

“In July we also took another step in advancing our environmental, social and governance (ESG) programme with the launch of sustainable energy or “Go Green loans” for personal and small business customers. Through this initiative, we aim to drive a significant transformation in the business sector by promoting environmentally friendly practices. We believe that sustainable development and economic growth go hand-in-hand, and this initiative offers an opportunity for small and medium-sized businesses, as well as, individuals to benefit from cost savings in the long term while making a positive impact on the environment. As part of our ESG Programme, we also distributed approximately 3,000 seedlings to customers with the support of the Forestry Department. Tree planting is regarded as one of the most effective ways to combat climate change and restore biodiversity and we intend to implement more projects of this nature.

“We are very proud of the performance this quarter which is a direct result of the trust and confidence that our customers and Jamaicans in general place in us and the dedication and commitment of our winning team of Scotiabankers. I thank them for putting our customers first in everything they do. I must also thank our customers for continuing to choose us as their financial partner. Thanks as well to our sterling board of directors for their counsel and guidance and to our shareholders for their continued confidence in us.”