Scotia Group Jamaica has announced impressive financial results for the year ended October 31.
The Group reported net income of $20.2 billion, reflecting a $2.9 billion or 17 per cent increase over the previous year.
In the final quarter, net income rose to $6.2 billion, a 13 per cent improvement compared with the previous quarter.
The Group's total assets also showed growth, increasing by $40.3 billion to a total of $705 billion. This growth was driven primarily by strong performance in its loan portfolio.
Personal banking loans rose by 13 per cent, while mortgages surged by 26 per cent. Commercial loans also performed strongly, with an 11 per cent increase over last year.
Deposits climbed by 7 per cent to $476.1 billion, signalling continued customer confidence in Scotia Group's stability.
President and CEO Audrey Tugwell Henry has expressed satisfaction with the Group's achievements.
Dividend
In the meantime, the Board has declared a dividend of $0.45 per stock unit for the fourth quarter.
The dividend will be paid on January 24, 2025, to stockholders on record as of January 2.
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