Scotiabank T&T Ltd (The Group) has realised income after tax of $521 million for the nine months ended July 31, 2022.
This was an increase of $59 million or 13 per cent over the same period ended July 31 last year.
According to Scotiabank the improvement over the prior year was driven by continued increases in core banking activity following a return to normal operating conditions as a result to the lifting of COVID-19 restrictions.
Commenting on the results, Managing Director of Scotiabank T&T Ltd Gayle Pazos said, "We are pleased to announce another solid third quarter performance by Scotiabank. We continue to see a steady rise in loans to customers, recording an increase of $1.3 billion or eight per cent over the last nine months and driving total asset growth by six per cent when compared to the same period in 2021. Of this $1.3 billion, consumer loans represent $818 million, corresponding to our best performance since 2016," Pazos stated.
She added the bank continues to make its products and services more accessible and convenient for customers, noting that this quarter, Scotia launched a “Basic Access” Deposit Account supporting self-employed and micro enterprises customers.
"Scotia Insurance also launched a suite of new products - Scotia Elevate, Scotia Platinum and Scotia Legacy. These additions to our product offerings will deliver enhanced features to our customers while broadening their deposit capabilities, insurance protection and retirement options," Pazos added.
Looking forward, she said Scotia is encouraged by the increased economic activity resulting from higher energy commodity prices and the final roll back of COVID-19 measures, albeit tempered by continued inflationary pressures and supply chain issues experienced globally and locally.
Regarding total revenue, comprising net interest income and other income this was $1.4 billion for the period ended July 31, 2022, an increase of $133 million or 10 per cent over the last year.
Net interest income for the period was $916 million, $12 million or one per cent lower when compared to the same period last year, driven by a decline in the loan portfolio during 2021, together with continued margin compression due to competitive pricing pressures, the bank said.