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Scotiabank T&T Limited’s net income has increased by $6 million or one per cent to $566 million for the year ended October 31.
The bank’s latest quarterly financial results, which were posted on the T&T Stock Exchange yesterday, show that total revenue, comprising net interest income and other income was $1,472 million, up by $89 million or six per cent from the corresponding period in 2014. Net interest income for the 12 months ended October 31 was $975 million, $86 million or 10 per cent higher than year. Strong growth in loan volume of 11 per cent supported these results which offset the impact of lower yields on earning assets, the bank’s results show.
Scotiabank’s total assets were $22.2 billion, representing growth of seven per cent or $1.5 billion compared to 2014. Loans to customers, the bank’s largest asset category, closed the period at $13 billion—up by $1.3 billion or 11 per cent from last year.
Total liabilities grew to $18 billion, up $1.3 billion or 7 per cent from 2014. Deposits grew by an additional $1.6 billion or 11 per cent to close the period at $16.8 billion.
In February, the bank made an early repayment of it $618 million debt security in issue. This repayment positively impacted net interest income for 2015 and beyond.
Commenting on the results, Scotiabank’s managing director Anya Schnoor said: “The strength and resolience of the bank is reflected in our ability to consistently deliver strong growth despite a challenging external economic environment.
“Net income grew by $5 million or one per cent compared to last year and included in last year’s results were higher than normal gains on sale of investments. If excluded, this would have resulted in 2015’s net income showing a significant increase of $49 million or 10 per cent over 2014.
“Total loans grew by $1.3 billion (11 per cent) year over year and total deposits grew by $1.6 billion (11 per cent) as we continued to acquire new customers and deepen our relationships with existing customers.”
