Scotiabank T&T Q2 profit up 18%

Scotiabank Trinidad and Tobago released results showing net profit of $260 million for the six months ended 30 April 2015, an increase of $9.8 million or just 3.9 percent over the similar period in 2014. Most importantly, is not so much the half year number even as the show growth but the results of the April quarter with profits jumping 18.4 percent to $125 million from net revenues that is up by 17 percent to $347 million from $296 in 2014.
For the period, earnings per share, grew to 147 cents and was up to 71 cents in the quarter, versus 60 cents in 2014. For 2014 fiscal year to October, Scotiabank made earnings of $3.17, based on the latest they should exceed the 2014 results. Return on Equity (ROE) was 14.73 percent. Return on Assets fell slightly to 2.49 percent reflective of the continued spread compression being faced within the domestic economy.
Revenue comprising net interest and other income, was $702 million for the period ended April 2this year an increase of $51million over the same period last year. Net Interest Income for the six months to April, was $460 million, $21.3 million or 5 percent higher than for the 2014 period,
Other Income increased 14 percent for the six months to $242 million compared 2014. “The increase was driven by growth in our key segments Retail, Corporate and Commercial Banking and Insurance and complemented the strong asset growth” the bank said in a release to the Trinidad & Tobago Stock Exchange.
Total Non-Interest Expenses for the six months was $329 million, $18 million or 5.7 percent higher than 2014. Loan Loss Expense increased by $14 million when over the similar period in 2014.
Total Assets grew 6 percent to $21.4 billion at the end of April, with loans to customers ending the period at $12.7 billion an increase of $1.9 billion or 17 percent compared to 2014. Treasury bills holdings as at 30 April, 2015 totalled $1.7 billion which fell by $482 million when compared to 2014. Investment Securities grew by $731 million or 49 percent as the Bank moved to redeploy funds held in short-term instruments to higher yielding medium term instruments which became available in the market.
The bank will be paying a second quarter dividend of 40 cents per ordinary share, payable on 10th July 2015 to shareholders on record as at 11th June 2015. The stock traded on the Trinidad & Tobago Stock exchange on Wednesday at $62.54.