Scotia Group profit jumps
Net interest income for the period was $6.23 billion, up from $6.08 billion generated in similar quarter in 2015. This was primarily due to a fall in interest expenses of $239 million. The Group saw a slight dip in interest income of $89 million even as loans grew 6.9 percent to $156.35 billion while investments rose by 28.5 percent to $112 billion. Customer deposits grew 10.7 percent to $219 billion. The group enjoyed better loan losses experience with a reduction of $87 million to $257 million, a 25 percent reduction compared with the prior year outturn, aided by what management stated as “enhanced adjudication, monitoring and recovery efforts.”
Other revenue for the quarter amounted to $2.8 billion, a decrease of $95 million compared to the quarter ended January, 2015. The reduction was due “to net losses on financial assets resulting from marked-to-market movements on securities, lower foreign currency gains, offset by the growth in net fee and commission income from increased transaction volumes on our credit card and merchant service business segments. Other revenue was $1.1 billion below the previous quarter, due primarily to the one-time actuarial release of $1 billion booked in the October quarter of 2015, resulting from the changes to the income tax regime for insurance companies in 2015” the banking group’s management stated in their report accompanying the financials.
Operating Expenses for the three months amounted to $5.6 billion, a decrease of $733 billion or 11.61 percent compared to prior year. Asset tax fell by $339 million as the rate for regulated insurance companies moved from 100bps to 25bps; correspondingly, the corporate income tax rate for these entities was increased from 15 percent to 25 percent. Salary related and other operating expenses were down $394 million, flowing from the benefits of efficiency initiatives including closure of some branches implemented in 2015.
Earnings per share for the quarter, came in at 62 cents compared with 47 cents in 2015 and seem poised to hit the $4 mark for the fiscal year ending in October. The stock traded at $32 on the Jamaica Stock Exchange on Friday.
At the end of the market activities, Cable and Wireless gained 5 cents as 9,498 units changed hands to close at $1.50, Caribbean Cement rose $1.56 on Wednesday to end at $22.06 with 123,032 shares trading, Carreras closed with a gain of 50 cents at $65, while trading 216,663 units. Gleaner Company gained 5 cents to close at $2 as 101,689 shares changed hands, Grace Kennedy ended with 3,541 shares trading to close at $83 after declining by $1, the stock traded in Trinidad at the equivalent of $94 on Wednesday. Jamaica Broilers rose 50 cents after trading 566,345 units to close at $14.50, Jamaica Producers ended with 1,323,480 shares changing hands at $30, the stock traded at an intraday high of $35.05, Jamaica Stock Exchange traded 524 shares to end at $23 as the price gained $2, JMMB Group had 290,907 units changing hands to close at $10.42. Kingston Wharves had 1,361 shares trading with a fall of 13 cents at $11.31, Mayberry Investments traded 12,224 shares to close with a gain of 57 cents at $5.08, 
National Commercial Bank had 85,093 shares changing hands but the price rose by 14 cents to close at $40.15. 138 Student Living traded 22,500 shares at $5.80, Pan Jamaican Investments gained 80 cents while trading 33,044 units at $95, Sagicor Group rose 48 cents with 697,261 shares changing hands at $23.50, Sagicor Real Estate Fund traded 26,820 shares but the price fell 20 cents to $11.30. Scotia Group had 57,321 shares changing hands to close with a loss of 1 cent at $30.99, Scotia Investments rose $1.37 with 110,000 units changing hands at $28. Supreme Ventures fell by 9 cents and closed at $5.90 with 26,034 units changing hands and JMMB Group 7.50% preference share traded 160,000 units at $1.20.
The Jamaican stocks continued to reflect uncertainty and profit taking on Tuesday, with rising securities numbering only 10 while 24 fell as 40 changed hands in all market segments. At the close 1 stock traded at a 52 weeks’ high. 
At the end of the market activities, 
JMMB Group had 111,852 units changing hands and fell 58 cents to close at $10.42. Kingston Wharves had 2,205 shares trading with a rise of 25 cents at $11.44, Mayberry Investments traded 1,499,312 shares to close with a loss of 29 cents at $4.51, 
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading was 22 stocks with bids higher than their last selling prices and 6 with lower offers.
Jamaica Stock Exchange traded 3,396 shares to end at $23.50, 
At the end of the market activities, Cable and Wireless lost 5 cents as 4,538,475 units changed hands to close at $1.45, Caribbean Cement fell $3 to close at $30 with 22,375 shares changing hands, Carreras closed with a loss of $1.90 at $64.10, while trading 15,400 units. Ciboney rose by 5 cents to end at 19 cents, with 50,000 shares trading, Gleaner Company traded with a gain of 2 cents to close at $2.45 as 200,978 shares changed hands, Grace Kennedy ended with 25,417 shares trading to close at $82 after falling 50 cents, Jamaica Broilers traded 154,686 units to close at $14.50. Jamaica Stock Exchange traded 5,000 shares with a gain of 50 cents to end at $23.50, JMMB Group had 2,655 units changing hands with a rise of $1.39 to close at $11.80.
Kingston Wharves had 14,225 shares trading with a gain of 5 cents at $11.45, National Commercial Bank had 254,071 shares changing hands with a gain of 60 cents to close at $41. Pulse Investments traded 20,000 shares with a rise of 48 cents to end at $3.70, Sagicor Group fell 50 cents with 515,847 shares changing hands at $23, Sagicor Real Estate Fund fell 45 cents with 49,758 shares changing hands at $11.50, Salada Foods traded 25,826 units at $8.50 after falling 75 cents. Scotia Group had 305,159 shares changing hands, to close with a loss of $1.19 to end at $30.81, Supreme Ventures closed at $6 with 17,200 units changing hands and Proven Investments ordinary share traded 804,200 units at 22 US cents after rising 1 US cent.
With polls suggesting a tight race in the general election on Thursday, the Jamaica Stock Exchange main market continued to reflect uncertainty on Thursday as 15 securities declined, 13 gained as 33 changed hands in all market segments in a shortened session. Trading resulted in 1 stock closing at 52 weeks’ highs. 
At the end of the market activities, Cable and Wireless closed with a loss of 6 cents as 145,106 units changed hands at $1.50. Caribbean Cement continues with wild price swings, rising $3 to close at $33 with 36,000 shares changing hands, Carreras closed at $66 after gaining $1, while trading 31,891 units, Gleaner ended with a gain of 1 cent to close at $2.43 with 69,622 shares trading, Grace Kennedy ended with 25,660 shares trading to close at $82.50 after losing 50 cents. Jamaica Broilers fell 26 cents with 583,521 units to close at $14.50, JMMB Group had 280,100 units changing hands to close at $10.41. Kingston Wharves had 68,371 shares trading with a loss of 1 cent at $11.44, National Commercial Bank had 1,182,454 shares changing hands with a fall of 60 cent to close at $40.40. Palace Amusement dropped by $13 to close at $74 with 100 shares trading, 
Pan Jamaican traded 4,231 shares but fell $1 to $94.50, Pulse Investments traded 206,000 shares with a fall of 48 cents to end at $3.22. Sagicor Group gained 45 cents with 4,270 shares changing hands at $23.50, Sagicor Real Estate Fund rose 25 cents with 1,000 shares changing hands at $11.95, Scotia Group had 136,020 shares changing hands, to close with a gain of 50 cents to end at $32. Scotia Investments had 7,550 units changing hands at $30, Supreme Ventures rose 49 cents to close at $6 with 114,353 units changing hands. JMMB Group 5.75% preference share traded 380,000 units at $1.06, JMMB Group 7.5% preference share traded 200,000 units and rose 5 cents to end at $2.15 and Proven Investments ordinary share traded 500,000 units at 21 US cents after rising by 1 US cent.
IC bid-offer Indicator| At the end of trading, in the main and junior markets, the Investor’s Choice bid-offer indicator reading was 16 stocks with bids higher than their last selling prices and 9 with lower offers.
Mayberry Investments traded 76,234 units to close at $4.80 for a rise of 10 cents, National Commercial Bank had 514,148 shares changing hands with a gain of 1 cent to close at $41. Pulse Investments traded 5,900 shares with a fall of 70 cents to end at $3.70, Sagicor Group fell 1 cent with 784,897 shares changing hands at $22.10, 
At the end of the market activities, Barita Investments retreated after the company posted lower earnings in the December quarter of $27.7 million versus $45.6 million as 10,000 units traded to close with a loss of 40 cents at $4.20. Berger Paints lost 49 cents to end at $4.21, with 5,070 units traded, Cable and Wireless closed with a loss of 1 cent as 619,883 units changed hands at $1.58. Caribbean Cement fell 50 cents to close at $30 with 31,123 shares changing hands, Carreras dropped $1 to close at $66, while trading 6,072 units, Ciboney declined by 6 cents to 15 cents with 2,955,517 shares trading, Gleaner traded 113,790 shares but fell 4 cents to $2.46. Grace Kennedy ended with 8,369 shares trading to close at $82.25 after gaining 70 cents. Jamaica Broilers jumped $1.15 with 647,438 units to close at $14.90, Jamaica Stock Exchange ended with 46,000 shares trading but rose 40 cents to close at $22.35, JMMB Group had 22,851 units changing hands at $11. 
Kingston Wharves had 7,260 shares trading with a gain of 5 cents at $11.40, Mayberry Investments traded 35,970 units to close at $4.5 for a decline of 5 cents, National Commercial Bank traded 109,827 shares to close at $41 after gaining 70 cents, while Pan Jamaican traded 14,727 shares with a fall of $1.30 to end at $94.70. Radio Jamaica traded 1,414 units but fell 30 cents to $4.30, Sagicor Group fell 1 cent with 469,568 shares changing hands at $22.10, Scotia Group had 1,242,641 shares changing hands to close with a gain of 50 cents to end at $33.50. Scotia Investments had 5,174 units changing hands at $28 after rising $1. Seprod closed at $22, with 26,364 shares trading, Supreme Ventures fell 5 cents to close at $5.85 with 170,772 units changing hands, JMMB Group 5.75% preference share traded 35,000 at $1.06 and Proven Investments preference share traded 40,000 units at $5.
At the end of the market activities, Barita Investments ended with 119,000 units traded to close at $4.60, Berger Paints rose 20 cents to end at $4.70, with 13,950 units traded, Cable and Wireless closed with 58,929 units changing hands, with a loss of 1 cent at $1.59. Caribbean Cement jumped 50 cents to close at $30.50 with 11,868 shares changing hands, Carreras jumped $1.30 to close at $67, to end at a 52 weeks’ high while trading 150,641 units, Gleaner traded 57,510 shares but rose 5 cents to $2.50, Grace Kennedy ended with 2,449 shares trading to close at $82.25 after dropping 75 cents. Jamaica Broilers fell 75 cents with 244,239 units to close at $13.75, Jamaica Stock Exchange ended with 210,710 shares trading but lost 5 cents to close at $21.95, JMMB Group dropped 25 cents in trading 38,315 units at $11. Kingston Wharves had 5,900 shares trading at $11.40, Mayberry Investments traded 16,800 units to close at $4.80 for a rise of 30 cents, 
National Commercial Bank traded 45,262 shares to close at $40.30 after declining by $1.20, while 138 Students Living traded 146,285 shares with a fall of 10 cents to end at $5.60. Proven Investments traded 32,164 shares at 20 US cents, Radio Jamaica traded 17,651 units but fell 5 cents to $4.60, Sagicor Group fell 82 cents with 15,459 shares changing hands at $22.11, Scotia Group had 177,068 shares changing hands to close with a gain of 99 cents to end at $33. Scotia Investments had 1,200 units changing hands at $27 after dropping $3. Seprod closed at $22, with 104,200 shares trading, Supreme Ventures fell 10 cents to close at $5.90 with 48,200 units changing hands, Jamaica Money Market Brokers 7.50% preference share traded 66,900 at $2.15 and Proven Investments preference share traded 502,476 units at $5.
At the end of the market activities, Berger Paints fell 30 cents to end at $4.50, with 37,301 units traded, Cable and Wireless close with 178,301 units changing hands at $1.60, Caribbean Cement jumped $3.40 to close at $30 with 83,508 shares changing hands. Carreras gained of 70 cents to close at $65.70, to end at a 52 weeks’ high while trading 245,117 units, Desnoes & Geddes traded 76,000 shares but lost 2 cents to $22.85, Grace Kennedy ended with 3,269 share trading to close at $83, Jamaica Broilers had 72,174 shares trading with a rise of 50 cents to end at $14. Jamaica Stock Exchange ended with 3,000 shares trading but lost 50 cents to close at $22, JMMB Group dropped 75 cents in trading 94,905 units at $11.25, Kingston Wharves had 38,100 shares trading at $11.40, 
Mayberry Investments traded 26,020 units to close at $4.50. National Commercial Bank traded 183,199 shares to close at $40 after rising by $1.50, while 138 Students Living traded 354,615 shares with a rise of 20 cent to end at $5.70, Pan Jamaican Investment traded only 334 units with a rise of $1.45 to end at $96. Scotia Group had 173,359 shares changing hands to close with a fall of $1.99 to end at $32.01, Scotia Investments had 6,000 units changing hands at $30 after jumping $3.45. Seprod closed at $22, with 33,153 shares trading, Supreme Ventures rose 10 cents to close at $6 with 138,588 units changing hands and Jamaica Money Market Brokers 7.50% preference share traded 66,900 at $2.15.