Scotia Group Jamaica registered a commendable performance for the financial year 2024 and shareholders at its AGM on Friday demonstrated their satisfaction.

Speaking at the AGM at the Jamaica Pegasus Hotel, Scotia Group Jamaica chair Anya Schnoor, said: “Last year I spoke about an uncertain economic environment globally and the impacts of high interest rates and inflation. We also discussed the regulatory environment and the risks from cyber security and fraud. I said then I was confident in the strategy of our Global CEO Scott Thompson. Scotia Group Jamaica was ideally positioned to navigate the current environment and meet the strategic objectives of the bank.

“Scotia Group Jamaica did indeed rise to the challenge and deliver a record performance for 2024, recording net income of J$20.2 billion representing an increase of J$2.9 billion, a 17 per cent increase year over year. This was due to the strong growth across all our business lines coupled with a strong focus on risk and operational controls. Our productivity ratio continues to increase this year, coming in at 46.5 per cent.”

Scotia Group Jamaica’s asset base grew by J$40.3 billion or 6 per cent to $705 billion during the year. Total loans increased by 16.3 per cent year over year. It now has 750,000 accounts. Thus making it an impregnable financial fortress.

Watch this Our Today interview from Scotia Group Jamaica’s AGM at the Jamaica Pegasus Hotel.