Jackie Sharp

Sharp out Noel in at Scotia Jamaica

September 5, 2017 by IC Insider.com

Change at Scotia Group top slot.

Scotia Group (SGJL) announced that Jackie Sharp, President and Chief Executive Officer and Head of Caribbean Central and North, will be leaving to join her family business, effective October 31.
In August 2013, the group appointed Sharp as its first female president and CEO, effective September of that year. Sharp was also appointed a director of the SGJ and the Bank of Nova Scotia Jamaica.
As CEO it not only marked the first female to be appointed to that post but the first person who did not have an early career start in the bank to make it to the top executive post, her rise is sharp indeed, taking a mere 15 years after joining the bank. The resignation brings her career at the financial group to 20 years.

Jacqueline Sharp

According to the release from the group, Jackie Sharp joined the group in 1997 as a Management Trainee and held a number of key positions including Private Banking, Insurance, and Finance, before assuming the Country Head role, and most recently Head of Scotiabank’s Caribbean Central and North covering Jamaica, Bahamas, Cayman, Belize, British Virgin Islands and Turks and Caicos Islands.
“Jackie has made significant contributions to Scotiabank and the community over the years, achieving strong financial results while becoming one of the most respected leaders in the financial sector in Jamaica and the Caribbean”, said Brendan King, Senior Vice President, International Banking, Scotiabank. “We are very grateful for her dedication, consummate leadership and passion over many years at the Bank, and wish her well in her new endeavours as she joins her family business in Jamaica.”
In the first year of her reign Scotia Group Jamaica reported a fall of $774 million or 7 percent in net income to $10.1 billion for the year ended October 2014. Profit rose 14 profit to $11.6 billion for the 2016 year from $10.1 billion in 2015.
Scotia’s closest competitor on the other hand for the year to September 2014 enjoyed a 36 percent, or $3.1 billion increase to $11.6 billion and made profit of $14.4 billion in 2016 versus $12.3 billion in 2015 for a rise of 17.5 percent.

David Noel

Scotia results for six months to April showed profit up 14 percent to $5.7 billion while NCB grew 58 percent to $9.5 billion.
Sharp is being replaced by David Noel as President and Chief Executive Officer, and Head of the Caribbean Central and North regions. Noel joined Scotiabank in Jamaica in 2001 as Legal Counsel before moving to Canada in 2008 on a leadership development rotation in Toronto.
In 2010, he took on the role of District Vice President for East New Brunswick and Prince Edward Island. He returned to Toronto in 2012 where he worked in Global Risk Management. In 2013 he was appointed Managing Director, Caribbean East, leading the Bank’s operations in Barbados and the Eastern Caribbean. In November 2016, he was appointed Deputy Chief Executive Officer of the Scotia Group with responsibility for the subsidiary units, including retail and commercial banking, life insurance, investment management and brokerage, micro-finance and mortgages.

Sharp resigns from Scotia

September 5, 2017 by IC Insider.com

Jackie Sharp has resigned from Scotia Group word reaching IC Insider.com has confirmed.
Sharp who took over from Bruce Bowen in 2013 handed in her resignation today the sources said. the resignation brings to her employment to the group to 20 years.
Sharp initially joined the group in the Insurance segment and rose to top slot in that company before becoming the chief finance person within the group based on what insiders say was her outstanding achievement in the Insurance arm.
Her replacement is David Noel a Jamaican who was seconded to Canada some years ago and was sent off to Barbados to head that operation of the group ahead of higher position whenever that arose. In 2016, he moved back to Jamaica as Sharp’s second in command.
Bank of Nova Scotia, a subsidiary of Scotia Group is Jamaica’s second largest commercial bank in Jamaica.
The change comes at a time when Scotia Group’s profits are at the highest levels in the history of the group with the shares trading on the Jamaica Stock Exchange at record levels and the price closing at an all-time high of $55 on Tuesday.
The change comes at an interesting time, with the Jamaican economy expected to move into a stronger growth period in the years ahead. Inflation and interest rates are expected to remain low, while growth in a number of sectors is expected to pick up. Increased activities in areas such as tourism, certain agricultural items, example poultry, dairy farming, business outsourcing (BPO) and construction should provide a basis for increased banking activity from which Scotia should be able to benefit from.

Filed Under: Breaking News Tagged With: David Noel, Jackie Sharp, Scotia Group

Stunning 47% increased Scotia profit

September 15, 2016 by IC Insider.com

Scotia Group reported a stunning in net earnings jumping 47 percent for the third quarter to $3.3 billion over the 2015 July quarter. For the nine months, net earnings jumped 36.7 percent to $8.2 billion. Total comprehensive income for shareholders of the group ended at $9.3 billion for the nine months ended July 2016 up 10.5 percent from $8.8 billion.
For the third quarter, total comprehensive income of declined from $4.4 billion to $3.66 billion.
The results translate to earnings per share of $1.07 cents in the July quarter and $2.64 for the nine months, with full year’s earnings set to end around $3.90 and would put the PE at 7.8 versus an average of 9 based on estimated 2016 earnings for the main market valuation.
President and CEO of the banking group, Jackie Sharp, in a report to shareholders, commenting on the performance stated, “We continue to show strong performance this year, resulting from the execution of our strategic initiatives to grow revenues and reduce operating costs. All business lines showed good volume growth year over year, as we continued to meet our customer’s diverse needs. Our loan portfolio, after allowance for impairment losses, grew by $15.2 billion or 10.2 percent year over year. Customer Deposits also increased by $42.4 billion or 20.8 percent year over year. Funds under management in our wealth business grew by $15.9 billion or 14.9 percent year over year.”

Jackie Sharp – CEO Scotia Group

“Total revenues excluding impairment losses on loans for the nine months ended July 2016 was $28.8 billion, representing an increase of $2.46 billion above prior year. The positive movement was achieved through increased volumes and improved non-interest revenue, which cushioned the impact of reduced margins. Net interest income after impairment losses for the period was $17.6 billion, $670 million above the same period in 2015. This was due to an increase in net interest income of $745 million, resulting from growth in loan volumes, particularly our Retail loans, Residential Mortgages and Small Business portfolios, coupled with lower levels of wholesale funding. Impairment losses on loans increased by $75 million when compared with the same period last year.
Other revenue for the nine months ended July 2016 amounted to $10 billion, an increase of $1.7 billion or 20.6 percent compared to the same period last year. This was due to growth in net fee and commission income from increased transaction volumes on our deposit and payment services, credit card and merchant service business segments, as well as higher foreign currency gains.”
Sharp went on the further state “Operating Expenses amounted to $15.6 billion over the nine months ended July 31, 2016, a decrease of $464 million or 2.9 percent compared to prior year. Salary related expenses declined by $400 million, which offset higher operating expenses of $276 million. There was also a decline in asset tax of $330 million.”
Loans, after allowance for impairment losses amounted to $163.9 billion as at the end of the 2016 quarter, while nonperforming loans totalled $4.4 billion, representing 2.7 percent of total gross loans down from 3.1 percent last year. Total customer liabilities represented by deposits, securities sold under repurchase agreements, and policyholders’ funds grew to $350 billion, an increase of $35.3 billion or 11.2 percent compared to July 2015. A significant portion of the growth was reflected in core deposits, which grew by 20.8 percent year over year the company stated.
The stock that traded at $30.50 on the Jamaica Stock Exchange is undervalued and importantly with strong growth in the third quarter and increased growth in the loan portfolio as well as a pickup in economic growth in Jamaica augurs well for strong growth in profits going forward. Note need to be taken of a possible fall in foreign exchange gains an area that grew sharply in the July quarter by 127 percent to $1.17 billion.
The group declared another dividend of 45 cents per share and seems set to pay total dividend for the fiscal year of $1.80 providing an attractive yield of 6 percent.