Lending at Scotia Bank jumps

Scotiabank_buildingplate650x250Loans at Scotia Group, grew 10 percent since July last year, to hit $144.6 billion at the end of July this year, from $131 billion. While loans grew by only $2 billion up to April, from October last year, it jumped $8 billion in the latest quarter, a 20 percent increase annualised, a strong increase for a banking group that commands a large 39 percent of the commercial banking loan market.
The robust growth in one quarter coming after two quarters of slow growth, raises the question, if there are lumpy new loans booked in the last quarter, that are not likely to be repeated soon, making the increase not reflective of what may be expected going forward. The question was put the Scotia’s CEO Jacqueline Sharp.
“We did have some lumpy commercial loans in Q3, but we also are seeing pick-up on the retail side. So we do expect loan growth to continue, but just not as fast as the growth that took place in Q3” Sharp said.

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