For the first quarter ended January 31, 2024 (Q1), Scotia Group Jamaica posted total revenues of J$14.9 billion an increase of 8.5 per cent year over year.

This generated a net profit of $3.13 billion, a marginal dip from the $3.36 billion posted for the same period last year.

Scotia Group Jamaica’s asset base grew by 10.7 per cent to $666 billion with the Group’s loan book up by 17.4 per cent. Deposits were up by $47.3 billion to $456.7 billion.

The retail business saw an uptick of 12 per cent in personal loans and 24 per cent in mortgages.

Sabrina Cooper is doing a good job at Scotia Investments which saw assets under management grow by 9 per cent year over year. 

Digital offerings are all the rage in Jamaica’s banking sector but cash is still king and here Scotia Group Jamaica saw its pile increase by $36.3 billion to $202.1 billion for the period under review.

Shareholders’ equity available to common shareholders came to $121.4 billion, an increase of $17.3 billion when compared to January 2023.

Operating expenses for the quarter under review increased by 10.3 per cent to $8.7 billion due in the main to higher asset taxes and the impact of higher inflation.

Shareholders received good news. The Board of Directors have approved a dividend of 40 cents per stock unit, a significant jump on the 25 cents paid out in Q1, 2023.

Speaking at today’s AGM held at the AC Marriott Hotel in Kingston, Scotia Group Jamaica’s CEO, Audrey Tugwell Henry said: “ It was a good quarter, predominantly due to net interest income and loan growth in our portfolio. We continue to provide our clients with relevant solutions  geared towards helping them to achieve their financial objectives including that of home ownership. We saw our mortgage book increase year over year by 24 per cent. Our clients have placed their trust and confidence in the Scotia Group and this is reflected in a significant increase in our deposit portfolio.

“We are looking forward to the remainder of the year and building on the momentum that we have achieved in Q1. “