Sco­tia­bank T&T Ltd (The Group) has re­port­ed a prof­it af­ter tax­a­tion of $658 mil­lion for the fi­nan­cial year end­ed Oc­to­ber 31, 2024.

That marks an in­crease of $3 mil­lion, or 0.48 per cent, com­pared to the re­stat­ed fig­ures for the 12 months end­ed Oc­to­ber 31, 2023.

Sco­tia­bank, which is­sued its unau­dit­ed fi­nan­cials yes­ter­day, said the group has shown steady growth, with in­come af­ter tax for the fourth quar­ter amount­ing to $170.1 mil­lion. That was a de­cline of 8.3 per cent com­pared to the $185.6 mil­lion the bank re­port­ed for the same pe­ri­od in 2023.

Sco­tia­bank said its 2024 fi­nan­cial year was par­tic­u­lar­ly note­wor­thy for the bank due to the re­mark­able growth in its loan port­fo­lio.

To­tal net loans to cus­tomers reg­is­tered growth of $2.1 bil­lion or 11 per cent com­pared to the pre­vi­ous year.

Sco­tia said this growth was broad-based, en­com­pass­ing all seg­ments but with a no­table im­pact in the cor­po­rate and com­mer­cial sec­tors.

"The bank's strat­e­gy of sup­port­ing busi­ness and gov­ern­ment sec­tor en­ti­ties has played a cru­cial role in this achieve­ment, pro­vid­ing the nec­es­sary fund­ing to stim­u­late in­vest­ment in sup­port of the lo­cal econ­o­my," it added.

The bank re­port­ed net in­ter­est in­come of $1.43 bil­lion in its fi­nan­cial year end­ed Oc­to­ber 31, 2024. That was an in­crease of 6.7 per cent com­pared to the $1.34 bil­lion the bank gen­er­at­ed in net in­ter­est in­come for the 2023 fi­nan­cial year.

Man­ag­ing di­rec­tor of Sco­tia­bank T&T, Gayle Pa­zos, ex­pressed her sat­is­fac­tion with the group's fi­nan­cial per­for­mance stat­ing, "I am pleased to re­port that Sco­tia­bank has once again de­liv­ered an­oth­er year of sol­id fi­nan­cial re­sults, achiev­ing over $650 mil­lion in an­nu­al net in­come af­ter tax. One of our key fi­nan­cial achieve­ments for the year was see­ing to­tal net loans to cus­tomers ex­ceed $20 bil­lion for the first time in our his­to­ry.

"This sig­nif­i­cant growth was achieved in all seg­ments, but es­pe­cial­ly with­in our cor­po­rate and com­mer­cial line of busi­ness where we con­tin­ue to ably sup­port busi­ness and gov­ern­ment sec­tor en­ti­ties with the fund­ing to al­low them to in­vest and sup­port the lo­cal econ­o­my."

Re­gard­ing the fu­ture out­look of the bank, Sco­tia­bank said it re­mains fo­cussed on sus­tain­ing its growth tra­jec­to­ry and en­hanc­ing share­hold­er val­ue.

The group plans to con­tin­ue lever­ag­ing its strengths in dig­i­tal bank­ing and cus­tomer ser­vice to dri­ve fur­ther growth, adding that the on­go­ing sup­port for cor­po­rate and com­mer­cial clients will re­main a pri­or­i­ty, en­sur­ing that they have ac­cess to the nec­es­sary fund­ing to fu­el their in­vest­ments and con­tribute to the lo­cal econ­o­my.

Sco­tia­bank T&T's ul­ti­mate par­ent com­pa­ny is Sco­tia­bank Cana­da, which is based in Toron­to, which owns 50.90 per cent of the T&T sub­sidiary through Sco­tia­bank Caribbean Hold­ings Ltd. Sco­tia­bank T&T's sec­ond largest share­hold­er if Re­pub­lic Bank Ltd with 6.86 per cent. Its third largest share­hold­er is the Na­tion­al In­sur­ance Board with 6.79 per cent.