Profits jumped a solid 34.5 percent at Scotia Group with $4.2 billion in net profit for the quarter that ended January, this year, for an increase of $1.1 billion over the $3.21 billion in 2024, with earnings per share rising to $1.35 from $1 in 2024.
Total revenues excluding expected credit losses for the year ended January 31, 2025, grew by $2.2 billion to $17 billion, for an increase of 14.9 percent over the prior year period, primarily driven by growth in loans leading to an increase in net interest income of $1.1 billion or 10 percent as well as an increase in other revenue of 26.2 percent.
Other income, other than interest income, increased by $1.2 billion or 26.2 percent. Net fee and commission income for the period amounted to $2.2 billion. an increase of $672 million or 42.9 percent, primarily driven by the higher volume of client transactions and activities.
Total loans increased from $275.7 billion to $313 billion, an increase of 13.3 percent over the $276 billion in January 2024 but flat with October last year. Growth over January 2024 “includes a 12 percent increase in Scotia Plan personal loans and a 24 percent increase in mortgage loans. Commercial loans also increased by 5 percent over the prior year period,” the release from Scotiabank stated
The Board of Directors approved a dividend of 45 cents per share for the first quarter, payable on April 17, to stockholders on record at March 26.