Scotia Group reports a net profit of $3.13 billion for the quarter ending January 2024, down 7 percent from $3.37 billion in January 2023, as credit loss provisions more than doubled to more than $1 billion from $510 million in 2023, with the loan portfolio increasing by 17.4 percent, with a $41 billion addition over the last twelve months to $278 billion and up from $269 billion at the end of October 2023.
According to Management, “Our core loan book continues to perform well with mortgages increasing year over year by 24 percent, consumer loans by 12 percent, credit cards by 12 percent and commercial loans by 17 percent”.
Earnings per share for the quarter ended at $1 and resulted in the dividend payment returning to the bottom of the payout range of 40 to 50 percent, with the Scotia Group’s Board of Directors approving a 60 percent increase in the dividend to 40 cents per stock unit in respect of the first quarter, to be paid on April 17, to stockholders on record as at March 26, up from 25 cents in 2023.