Two areas of major fall out for income in 2015 pushed profits sharply down for Scotia Investments (SIJL) for the year to July 2015. Gains from financial assets fell in a big way from $266 million in 2014 to only $24 million in the July 2015 quarter and from $576 million in the nine months period last year, to just $173 million.
Net interest income declined by $300 million in the July 2014 quarter and fell $750 million for the year to July, contributing to a disappointing year.
SIJL reported net income of $736 million for the period ended July, 2015, a huge decrease of $629 million, when compared with the net income of $1.36 billion for the period to July 2014. Net income for the quarter was $283 million, down $34 million or 11 percent below the $317 million earned in the April quarter but is down 48 percent on July 2014 profit of $541 million. Earnings per share of $1.74 and for the July quarter, earnings per share of 67 cents.
Total revenues, comprising net interest and other income for the period was $2.43 billion, a reduction of $757 million or 24 percent below the corresponding period last year and $761 million for the quarter, down $95 million or 11 percent compared to the previous quarter.
Total operating expenses for the period amount to $1.34 billion, up $102 million or 8 percent over the corresponding period last year, due partly to the increase in the asset tax rate from for regulated financial institutions and higher salaries and staff related costs. The operating expenses for the quarter were $366 million, down $45 million or 11 percent lower compared to the last quarter.
SIJL will clearly end the financial year below $3 per share to October this year with profits well below the $1.79 billion or earnings per share of $4.23 generated for the 2014 fiscal year.
An interim dividend of 45 cents per stock unit payable on October 15, 2015, to stockholders on record at September 23, 2015 was approved.
Lower income mauls Scotia Invest profit
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