Falling stocks continue to dominate trading on the Jamaica Stock Exchange Main Market for four consecutive days on Wednesday. The volume of shares trading jumped 17 percent higher and the value 115 percent more than on Tuesday as rising stocks were overwhelmed by those declining.
The All Jamaican Composite Index dropped 1,499.34 points to end at 450,385.23, the JSE Main Index shed 2,983.16 points to 407,696.57 and the JSE Financial Index shed 1.11 points to settle at 98.09.
A total of 50 securities traded compared to 55 on Tuesday, with 13 rising, 23 declining and 14 ending unchanged. Caribbean Producers traded at an intraday 52 weeks’ high of $6.33 before ending at a 52 weeks’ closing high of $6, Guardian Holdings slipped to a 52 weeks’ low of $500.01 and ended at a 52 weeks’ closing low of $511 and newly listed Sygnus Real Estate Finance dropped to a low of $18.04.
The PE Ratio, a measure used in computing appropriate stock values, averages 15.9 based on ICInsider.com’s forecast of 2021-22 earnings.
A total of 13,717,047 shares traded for $178,931,191 versus 11,674,398 units at $83,242,103 on Tuesday. Wigton Windfarm led trading with 25.4 percent of total volume after trading 3.48 million shares. QWI Investments followed, with 15 percent, after 2.06 million shares changed hands, Transjamaican Highway contributed 10.2 percent with 1.4 million units, Carreras controlled 9.6 percent market share, with 1.32 million units and Scotia Group 7.7 percent with 1.06 million shares.
Trading averages 274,341 shares at $3,578,644, compared to 212,262 units at $1,513,493 on Tuesday and month to date, an average of 252,319 units at $4,372,911, versus 245,350 units at $4,624,261 on Tuesday. September closed with an average of 335,669 units at $7,507,404.
Investor’s Choice bid-offer indicator shows 12 stocks ended with bids higher than their last selling prices and six with lower offers.
At the close, Caribbean Cement fell $3.79 to $114.21 while exchanging 14,399 shares, Eppley rose $4.94 to $38, with 761 units crossing the market, First Rock Capital shed 90 cents in closing at $12.10, with 30,742 stock units changing hands. Guardian Holdings declined $68 to close at $511, trading 27,343 stocks, Jamaica Broilers advanced 50 cents to $31 with the swapping of 3,596 stocks, Key Insurance spiked 78 cents to end at $4.98, with 71,018 stock units clearing the market. 
Kingston Wharves lost $1.20 to $43.80 in exchanging 2,686 shares, Mayberry Jamaican Equities increased 25 cents to $8.95 in an exchange of 79,409 units, Proven Investments dropped 30 cents to $32.70, with 5,001 units crossing the exchange. Pulse Investments declined 26 cents to close at $4.84 after 712,107 shares changed hands, Sagicor Group lost $2 in ending at $53 after exchanging 72,941 stocks, Sagicor Real Estate Fund rallied 49 cents to $8.49 in switching ownership of 1,362 units. Scotia Group fell $1 to $37.50 after trading 1,062,158 units, Seprod climbed 95 cents to $63.10, with 47,604 stocks crossing the market, Sygnus Real Estate Finance dropped $1.16 to end at a new low of $18.04 after exchanging 15,175 stock units and Victoria Mutual Investments gained 72 cents to end at $6.35 with an exchange of 118,979 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Trading up on Wednesday
Trading picked up with 43 percent more funds entering the market and driving the volume of stocks traded up 17 percent at the close on Wednesday, over Tuesday’s trades and sent the Junior Market of the Jamaica Stock Exchange rising moderately, with declining stocks edging out those that rose as the market continues to consolidate.
The number of stocks trading fell to 33, from 37 on Tuesday and ended with 12 rising, 14 declining and seven closing unchanged. The Junior Market Index rose 5.10 points to settle at 3,287.73.
The PE Ratio, a measure used in computing appropriate stock values, averages 12.5 based on ICInsider.com forecasted 2021-22 earnings.
Trading ended with 5,353,446 shares changing hands for $20,594,887 up from 4,576,086 units at $14,364,164 on Tuesday. Jamaican Teas led trading, with 32.2 percent of total volume and 1.72 million shares, followed by Lumber Depot 23.7 percent with 1.27 million units and Future Energy Source 14.8 percent, with 793,771 shares.
Trading averaged 162,226 shares at $624,087 in contrast to 123,678 units at $388,221 on Tuesday. Trading month to date, averages 167,235 shares at $596,470, compared to 168,725 units at $588,260 on Tuesday. September closed with an average of 207,032 units at $668,264.
Investor’s Choice bid-offer indicator shows four stocks ended with bids higher than their last selling prices and just one with a lower offer.
At the close, AMG Packaging rallied 16 cents to $1.81 after exchanging 13,311 shares, Caribbean Cream fell 20 cents to $6.30 with an exchange of 60,498 stock units, Everything Fresh shed 7 cents to close at 90 cents after trading 21,739 units. Express Catering rose 10 cents to $5.50 switching ownership of 12,270 stocks, Fontana declined 12 cents to $6.40 after exchanging 343,755 units, Honey Bun dropped 15 cents to $8.50, with 155,598 shares clearing the market. Indies Pharma gained 30 cents to end at $3.45 with 1,500 stock units crossing the exchange, Iron Rock Insurance lost 75 cents to close at $3.35 in trading 100 stocks, Jamaican Teas dropped 10 cents in closing at $4.40, with 1,722,319 shares changing hands. 
Lasco Distributors fell 13 cents to $3.77 after exchanging 48,765 stocks, Lasco Manufacturing climbed 11 cents to $4.80 with the swapping of 2,693 stock units, Mailpac Group shed 14 cents to $3.70 while trading 141,762 units. Medical Disposables declined 9 cents to close at $4.71, with 15,685 stocks crossing the market, Stationery and Office Supplies popped 15 cents in, ending at $6.20 after trading 3,000 units and Tropical Battery rallied 7 cents to end at $1.37 in an exchange of 1,654 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market in mild rebound Wednesday
Trading resulted in a mild rebound on Wednesday for the Jamaica Stock Exchange US dollar market, as the volume of shares changing hands dropped 88 percent from Tuesday with the value dropping 73 percent, resulting in an even number of stocks rising and falling.
Trading ended with four securities changing hands compared to five on Tuesday, with the prices of two stocks rising and two declining.
The US Denominated Equities Index gained 3.43 points to end at 183.83.
The PE Ratio, a measure that is used to compute appropriate stock values, averages 11.5 based on ICInsider.com’s forecast of 2021-22 earnings.
Just 62,909 shares traded for US$10,457 compared to 520,508 units at US$38,397 on Tuesday. Trading averaged 15,727 units at US$2,614 compared to 104,102 shares at US$7,679 on Tuesday and the month to date averages 73,532 at US$11,865 in contrast to 86,377 units at US$13,920 on Tuesday. September ended with an average of 853,681 units for US$132,197.
Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than the last selling price and none with a lower offer.
At the close, First Rock Capital fell 0.4 of a cent to 6.6 US cents with a transfer of 4,000 shares, Margaritaville gained 1.93 cents to finish at 10.93 US cents with investors switching ownership of 14,700 units, Proven Investments advanced 1.24 cents to 24.69 US cents with 26,757 stocks traded and Sygnus Credit Investments USD share dropped 1 cent to settle at 12 US cents with 17,452 stock units crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE Main market down again
Trading in Sygnus Real Estate Finance shares commenced on Tuesday after the company’s initial public offer was coolly received by the investing public and traded 12,000 stock units at the IPO price of $19.20. Elsewhere Market activity ended with the volume and the value of stocks tracking close to trading on Monday at the close of the Jamaica Stock Exchange Main Market as the market indices slipped at the close.
The All Jamaican Composite Index shed 546.04 points to end at 451,893.58, the Main Index declined 527.95 points to 410,679.73 and the JSE Financial Index fell 0.19 points to 99.20.
A total of 55 securities traded compared to 51 on Monday, with 16 rising, 19 declining and 20 ending firm.
The PE Ratio, a measure used in computing appropriate stock values, averages 15.8 based on ICInsider.com’s forecast of 2021-22 earnings.
Trading amassed 11,674,398 shares for $83,242,103 versus 11,193,417 units at $94,709,427 on Monday. QWI Investments led trading with 15.8 percent of total volume after trading 1.84 million shares followed by Ciboney Group 12.5 percent, with 1.45 million units, Wigton Windfarm traded 11.1 percent with 1.29 million units, Sagicor Select Financial Fund accounted for 11 percent with 1.28 million units, Sagicor Select Manufacturing & Distribution Fund ended with 10.4 percent after an exchange of 1.21 million units and Transjamaican Highway 9.7 percent with 1.13 million units.
Trading averages 212,262 units at $1,513,493, compared to 219,479 shares at $1,857,048 on Monday and month to date, an average of 245,350 units at $4,624,261 compared to 263,019 units at $6,285,351 on Monday. 
September closed with an average of 335,669 units at $7,507,338.
Investor’s Choice bid-offer indicator shows nine stocks ended with bids higher than their last selling prices and three with lower offers.
At the close, Barita Investments shed $1.05 to end at $99.96 in switching ownership of 456,340 shares, Caribbean Cement advanced $3 to $118 with 18,775 stocks crossing the exchange. Caribbean Producers gained 56 cents in closing at $5.95 with the swapping of 447,387 stock units, as investors responded to a near US$2 million profit in the company’s fourth quarter and suggesting record profits for the 2022 fiscal year. Eppley declined $4.44 to $33.06 in trading 1,439 units, First Rock Capital rose 70 cents to $13 with 8,873 stocks changing hands, Guardian Holdings shed $1 in ending at $579 in an exchange of one stock unit. Jamaica Broilers fell 50 cents to $30.50 in trading 13,368 shares, Jamaica Producers slipped 50 cents to $22 after transferring 54,134 stocks, Kingston Properties popped $1 to $10 in switching ownership of 500 shares. Mayberry Investments lost 29 cents to end at $5.51 after trading 90,670 stocks, Palace Amusement spiked $124 to $1,024 with one stock unit crossing the market,
Portland JSX fell $2.05 in closing at a 52 weeks’ low of $6.95 with an exchange of 555 units. Proven Investments dipped 75 cents to $33 after 4,667 stock units cleared the market, Pulse Investments rallied 27 cents to $5.10 with the swapping of 917,170 stocks, Sagicor Group slipped $1 to $55 in transferring 20,259 shares and Scotia Group lost 48 cents to end at $38.50 in exchanging 12,027 units.
In the preference segment, JMMB Group 7.35% share due 2028, gained 30 cents to close at $3.50 with 5,728 units crossing the market.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Sharp decline for JSE USD market on Tuesday
Trading plunged into a sharp fall on the JSE USD market on Tuesday with the market index diving 13.89 points to 180.40 as investors transferred 354 percent more shares than on Monday, with 677 percent greater value, as the market closed, with a 3.2 percent decline for the year to date, as more stocks declined than rose.
Compared to six trading on Monday, just five securities changed hands, on Tuesday, with prices of one rising, three declining, and one ending unchanged.
The PE Ratio, a measure that computes appropriate stock values, averages 11.5 based on ICInsider.com’s 2021-22 earnings forecast.
Overall, 520,508 shares traded for US$38,397 up from 114,565 units at US$4,940 on Monday. Trading averaged 104,102 units at US$7,679, compared to 19,094 shares at US$823 on Monday and trading month to date averages 86,377 at US$13,920 versus 79,560 units at US$16,320 on Monday. September ended with an average of 853,681 units for US$132,197.
Investor’s Choice bid-offer indicator shows one stock ending with the bid higher than the last selling price and none with a lower offer.
At the close, First Rock Capital traded 14,192 shares at 7 US cents, Productive Business Solutions fell 16 cents to 74 US cents, with 394 stocks changing hands, Proven Investments fell 1.3 cents to 23.45 US cents with a transfer of 144,850 units. Sygnus Credit Investments USD share advanced 1.99 cents to 13 US cents with 11,072 stock units traded and Transjamaican Highway dropped 0.12 of a cent to 0.83 of a US cents with 350,000 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Rising stocks beat two to one
The Jamaica Stock Exchange Junior Market just hang to a modest gain at the close on Tuesday, after the volume traded fell 30 percent lower and the value traded falling 30 percent below trading activity on Monday leaving the market index with a single digit increase.
Market activity led to 37 securities trading compared to 38 on Monday and ended with 19 rising, 11 declining and seven, closing unchanged.
The Market Index gained 4.42 points to settle at 3,282.63 after it traded above the 3,300 mark.
The PE Ratio, a measure used to compute appropriate stock values, averages 12.5 based on ICInsider.com’s 2021-22 earnings forecast.
Overall, a total of 4,576,086 shares traded for $14,364,164 down from 6,492,921 units at $22,067,491 on Monday. Jamaican Teas led trading with 1.14 million shares and accounted for 25 percent of total volume, after closing at a 52 weeks’ high, followed by Caribbean Flavours with 815,999 units and 17.8 percent of the day’s trade and Lumber Depot 700,592 units for 15.3 percent of the market.
Trading averaged 123,678 units at $388,221 in contrast to 170,866 shares at $580,723 on Monday. Trading month to date, averages 168,725 units at $588,260, compared to 191,248 units at $688,279 on Monday. September closed with an average of 207,032 units at $668,264.
Investor’s Choice bid-offer indicator shows three stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, Blue Power popped 5 cents in closing at $3.30 while exchanging 110 shares, Caribbean Cream rose 10 cents to $6.50, with 101,030 stocks clearing the market, Consolidated Bakeries fell 16 cents to $1.64 in exchanging 11,500 units. Dolphin Cove shed $1.50 in ending at $7.50, with 8,199 stock units changing hands, spiked 17 cents to end at $6.52 after exchanging 116,724 stocks, Future Energy Source rallied 5 cents to end at $2.70 after 363,385 stock units crossed the exchange. Honey Bun gained 43 cents in ending at $8.65 with the swapping of 18,521 units, iCreate advanced 10 cents to close at 85 cents with an exchange of 290,770 shares, Indies Pharma declined 50 cents in closing at $3.15, with 7,600 units crossing the market. Jamaican Teas climbed 17 cents to close at a 52 weeks’ high of $4.50 in switching ownership of 1,143,669 stocks, KLE Group dropped 11 cents to end at $1.02 in an exchange of 60,000 shares, Knutsford Express lost 25 cents in ending at $8.15, after trading 179 stock units. Lasco Financial rose 15 cents to $3.15 after trading 79,696 shares, 
Lasco Manufacturing increased 12 cents to $4.69 in trading 4,063 stock units, Limners and Bards advanced 10 cents to $3.45, with 84,220 stocks changing hands. Main Event climbed 30 cents to $4.50 after exchanging 400 units, Medical Disposables fell 20 cents to end at $4.80 in exchanging 30,000 stocks, SSL Venture popped 5 cents to close at 68 cents, with one share changing hands. Stationery and Office Supplies dropped 59 cents to $6.05 after 10,000 units crossed the exchange and tTech rose 14 cents to $4.20 after 18,619 stock units changed hands.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Second day of decline for JSE main market
Stocks mostly fell on Monday, with investors trading 30 percent fewer shares at 83 percent lower value than on Friday and leading to a fall in the market indices at the close of the Jamaica Stock Exchange Main Market.
The All Jamaican Composite Index dropped 4,050.22 points to 452,439.62, the Main Index dived 3,370.07 points to 411,207.68 and the JSE Financial Index fell 1.65 points to end at 99.39.
Trading ended with 51 securities changing hands down from 52 on Friday, with 17 rising, 23 declining and 11 ending unchanged. The PE Ratio, a measure used in computing appropriate stock values, averages 15.9 based on ICInsider.com’s forecast of 2021-22 earnings.
A total of 11,193,417 shares traded for $94,709,427 versus 15,897,514 units at $552,681,759 on Friday. Transjamaican Highway led trading with 30.5 percent of total volume for an exchange of 3.41 million shares followed by Wigton Windfarm with 18.2 percent for 2.04 million units and Pulse Investments 14.2 percent with 1.59 million units changing hands.
Trading averages 219,479 units at $1,857,048, down from 305,721 shares at $10,628,495 on Friday and month to date, an average of 263,019 units at $6,285,351. September closed with an average of 335,669 units at $7,507,338.
Investor’s Choice bid-offer indicator shows eight stocks ended with bids higher than their last selling prices and five with lower offers.
At the close, Barita Investments declined $2.24 ending at $101.01 with 389,913 shares crossing the exchange, Berger Paints shed 75 cents in closing at $13.25 with the swapping of 2,825 stock units, Caribbean Cement dipped $5 to $115 after exchanging 11,326 units. Carreras gained 23 cents to close at $8.73 with the transfer of 67,276 stock units, Eppley rallied $5 to $37.50, with 1,503 units clearing the market, First Rock Capital slipped 70 cents to $12.3 in an exchange of 12,354 stock units. Guardian Holdings fell $2 to $580 in exchanging 8,734 stocks, Jamaica Broilers shed $1 in closing at $31 after trading 4,319 shares, Jamaica Producers slipped 70 cents to $22.50 in switching ownership of 13,032 units. Jamaica Stock Exchange fell 50 cents to close at $17.10 in exchanging 5,350 stocks, PanJam Investment popped $1.44 to $64.44, with 311 stock units clearing the market, Proven Investments advanced $1.25 to $33.75 in switching ownership of 3,286 shares. Sagicor Group declined $1.30 to end at $56 with an exchange of 21,378 stocks, Sagicor Real Estate Fund fell 40 cents to $8 in trading 815 shares, Salada Foods spiked 43 cents to $6.50 with 23,574 stock units crossing the market. 
Scotia Group advanced $1.38 in ending at $38.98 after an exchange of 6,181 units, Seprod shed 35 cents to end at $62.15 in trading 15,515 stocks, Stanley Motta rose 30 cents to $6 with 2,655 units crossing the market and Victoria Mutual Investments gained 25 cents in closing at $5.70 in exchanging 93,216 stock units.
In the preference segment, JMMB Group 7.15% – 2028 dipped 25 cents to $3.10 in transferring 225,025 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
JSE USD Market fumbles on Monday
Trading on the USD market of the Jamaica Stock Exchange ended on Monday with the volume of shares changing hands declining after investors transferred 88 percent fewer shares, with 98 percent less funds than on Friday, and ending with falling stocks outnumbering rising ones.
Trading ended with six securities changing hands, compared to seven on Friday, with one rising, three declining and two ending unchanged.
The US Denominated Equities Index fell 1.91 points to end at 194.29. The PE Ratio, a measure that computes appropriate stock values, averages 11.6 based on ICInsider.com’s 2021-22 earnings forecast.
Overall, 114,565 shares traded for US$4,940, down from 919,720 units at US$207,226 on Friday. Trading averaged 19,094 units at US$823, compared to 131,389 shares at US$29,604 on Friday and the month to date averages 79,560 at US$16,320. September ended with an average of 853,681 units for US$132,197.
Investor’s Choice bid-offer indicator shows two stocks ending with bids higher than their last selling prices and one with a lower offer.
At the close, First Rock Capital traded 13,472 shares at 7 US cents, Margaritaville dropped 2 cents to 9 US cents with 5,449 stocks traded, Proven Investments climbed 0.05 of a cent to 24.75 US cents with 8,462 stock units changing hands. Sterling Investments finished at 2.09 US cents with a transfer of 340 units, Sygnus Credit Investments USD shed 1.99 cents to end at 11.01 US cents with investors switching ownership of 6,383 stocks and Transjamaican Highway declined by 0.02 of a cent to close at 0.95 US cents with 80,459 shares crossing the exchange.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
Stocks dived Monday on the Junior Market
Stocks mostly fell in trading closed on Monday, Jamaica Stock Exchange Junior Market, with the volume traded declining 15 percent and the value traded falling 24 percent less than below Friday’s trades.
Market activity led to 38 securities trading compared to 36 on Friday and ended, with 11 rising, 20 declining and seven, closing unchanged.
The Junior Market Index shed 34.29 points to 3,278.21.
The PE Ratio, a measure used to compute appropriate stock values, averages 12.4 based on ICInsider.com’s 2021-22 earnings forecast.
Trading ended with 6,492,921 shares changing hands for $22,067,491 down from 7,659,422 units at $28,865,188 on Friday. Jamaican Teas led trading with 49.8 percent of the volume traded, after an exchange of 3.24 million shares, followed by Lumber Depot 18.9 percent, with 1.23 million units and Future Energy Source 10.4 percent after 677,720 shares changed hands.
Trading averaged 170,866 units at $580,723 in contrast to 212,762 shares at $801,811 on Friday. Trading month to date, averages 191,248 units at $688,279. September closed with an average of 207,032 units at $668,264.
Investor’s Choice bid-offer indicator shows one stock ended with a bid higher than the last selling price and two with lower offers.
At the close, AMG Packaging declined 7 cents to $1.63 in an exchange of 19,888 shares, Blue Power shed 12 cents in closing at $3.25, with 19,781 stock units crossing the exchange, Cargo Handlers fell 19 cents to $7.60 after trading 1,000 units. Caribbean Cream dropped 60 cents to $6.40 with an exchange of 10,000 stock units, Caribbean Flavours lost 7 cents to end at $1.91 in switching ownership of 16,227 stock units, Consolidated Bakeries increased 10 cents to $1.80 while exchanging three shares. Dolphin Cove fell $1 to $9 after exchanging 2,246 units, Express Catering lost 23 cents to end at $5.40 in trading 2,600 stocks, Fontana shed 15 cents in closing at $6.35 in trading 45,705 units. Fosrich climbed 6 cents to close at $8.13, with 15,125 stock units changing hands, Future Energy Source declined 5 cents to $2.65, with 677,720 shares clearing the market, Honey Bun dropped 43 cents to $8.22 trading 22,677 stocks. iCreate fell 5 cents to 75 cents, with 30,100 units crossing the market, Indies Pharma rallied 42 cents in closing at $3.65 with the swapping of 18,292 stock units, Jamaican Teas advanced 33 cents to $4.33 in trading 3,235,514 stocks. Jetcon Corporation rose 13 cents to $1.14 with 165,000 shares crossing the market, Lasco Distributors gained 40 cents to close at $3.90 while exchanging 6,631 stocks,
Lasco Financial declined 15 cents to $3 in exchanging 109,786 units. Lasco Manufacturing rallied 7 cents to $4.57 with an exchange of 28,959 shares, Limners and Bards shed 15 cents to $3.35, with 75,791 stock units changing hands, Medical Disposables lost 15 cents to end at $5 after 1,083 units crossed the exchange and Stationery and Office Supplies popped 15 cents to $6.64 after trading 500 shares.
Prices of securities trading are those for the last transaction of each stock unless otherwise stated.
86% surge in Scotia Group Q3 profit
An 86 percent surge in profit after taxation at Scotia Group pushed the July 2021 quarter profit to $2.8 billion over $1.55 billion reported in 2020, a period heavily impacted by a massive provision for credit losses amounting to $2.57 billion. Profit after tax for the nine months to July climbed 31 percent to $7.29 billion compared to $5.56 billion last year, helped by the drop in credit loss provisioning in the current year.
Scotia Group headquarters in Kingston.
Net interest income fell 8.4 percent for the third quarter to $5.7 billion from $6.2 billion in 2020 and slipped 9 percent to $17 billion for the nine months to July from $18.7 billion in 2020. Expected credit losses for the latest quarter of $584 million was a fraction of the 2020 provision. For the nine months expected credit losses dropped sharply to $1.99 billion from $5.25 billion in 2020. Falling interest rates on investments, reduction in lending and growth in funds deposited by the public would have negatively impacted the results. The recent increase in interest rates by the Bank of Jamaica could benefit the group with investments and loans that could generate higher income and widen the net interest income margin.
Net fees and commission income rose to $1.95 billion from $1.65 in 2020 in the third quarter but fell slightly from $5.08 billion in 2020 to $4.99 billion in 2021 for the nine months. Gains on foreign currency activities slipped from $1.75 billion in July 2020 quarter to $1.65 billion and rose 17 percent to $6.2 billion from $5.3 billion for the nine months. Insurance revenues grew to 35 percent in the latest quarter to $696 million from $516 million and fell in the nine months to $2 billion from $2.4 billion. Other revenues brought in $1 billion for the nine months compared to just $39 million for the prior period and are attributable primarily to gains realized on the extinguishment of debt facilities.
Loans advanced to customers that stood at $222 billion at the end of July last year declined modestly to $216 billion at the end of July this year but is up slightly from $214.7 billion at the end of April this year. The report to shareholders stated that mortgage loans recorded growth of 11 percent year over year and is similar to increase up to the April quarter. Growth in loans is essential for the group is it is an area that contributes most to the rise in profits and creates stability in earnings.
Audrey Tugwell Henry Scotia group’s CEO
Segment results show the problem local banks have with retail banking. That segment generates the most income for Scotia but contributes the least in profits. For the nine months to July, Retail Banking contributed $1.3 billion to profit on revenues of $14 billion and in 2020, the segment contributed a loss of $975 million from revenues of $14.5 billion. Treasury generated $1.3 billion in segment profits from $2.9 million in revenues to third parties against $1.46 billion from revenues of $3.1 billion in 2020. Corporate Banking resulted in a profit of $3.5 billion on revenues of $8.44 billion and profit of $3.23 billion on revenues of $8 billion in 2020. Investment Banking delivered a profit of $1.85 billion on revenues of $2.6 billion and profit of $1.3 billion on revenues of $2.29 billion in 2020 and Insurance produced profit of $2.12 billion on revenues of $3.1 billion and profit of $2.5 billion with revenues of $3.48 billion in 2020.
Customer deposits grew 10.7 percent to $371 billion to July, from $335 billion for the comparable quarter of 2020. Investment securities rose from $141 billion at the end of July 2020 to $146 billion after dipping to $116 billion at the end of the 2020 fiscal year and cash resources stood at $147 billion, up from $116 billion at the end of July 2020.
Shareholders’ equity ended at $116 billion at the end of July this year, up from $110 billion as of July 2020.
Earnings per share stood at 90 cents for the July quarter and $2.34 for the nine months this year and should end up around $3.50 for the entire year; for 2022, and earnings should exceed $4 per share. At the close of trading on the Jamaica Stock Exchange Main Market to stock at $39 at the start of the final week of September.
While the stocks trade at 11 times the current year’s earnings, 2022 should see growth in profits, thus reducing the valuation most likely below ten times 2022 earnings.
