For the year end­ed Oc­to­ber 31, Sco­tia­bank T&T Lim­it­ed earned net in­come af­ter tax of $560 mil­lion. This is an in­crease of $3 mil­lion or 0.5 per cent over the pri­or.In a joint state­ment to share­hold­ers pub­lished with the fi­nan­cial re­sults on the T&T Stock Ex­change, Sco­tia­bank chair­man Sylvia D Chromin­s­ka and man­ag­ing di­rec­tor Anya Schnoor said the bank's as­sets stood at $20.7 bil­lion, re­flect­ing growth of $1.2 bil­lion or six per cent over the pre­vi­ous year.

They said: "Our strong loan growth con­tin­ued dur­ing this quar­ter bring­ing the year to date growth in loans to $1.2 bil­lion or 12 per cent. To­tal rev­enue in­creased by $13 mil­lion or three per cent this quar­ter com­pared to the same quar­ter last year."To­tal rev­enue for the year ex­ceed­ed to­tal rev­enue for last year by $35 mil­lion or three per cent based on the strength of in­creased non-in­ter­est in­come as the group fo­cus­es on di­ver­si­fy­ing its rev­enue sources to off­set the re­duc­tion in in­ter­est spreads."

Non-in­ter­est ex­pen­di­ture has re­mained flat for the quar­ter at $172 mil­lion com­pared to the same quar­ter last year.Sco­tia­bank's op­er­at­ing ef­fi­cien­cy ra­tio was 46 per cent and its loan loss ex­pense in­creased by $10 mil­lion dur­ing the quar­ter and $24 mil­lion over the year."The group is well cap­i­talised with a cap­i­tal ad­e­qua­cy ra­tio of 25 per cent, well above the re­quired eight per cent ra­tio stip­u­lat­ed by lo­cal reg­u­la­tors.

"This, cou­pled with our strong gov­er­nance prac­tices will con­tin­ue to re­sult in the group's sta­ble per­for­mance over the long term," the di­rec­tors said.