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Scotia Group Jamaica records slight drop in profit for Q1

By Javaughn Keyes
 
Scotia Group Jamaica registered a marginal decline in profit in its first quarter ended January.
 
For the three-month period, the financial institution made $3.13 billion after meeting tax obligations.
 
For the similar period last year, Scotia made $3.37 billion.
 
The group's total revenues excluding expected credit losses for the review period grew by $1.2 billion, reaching $14.9 billion.
 
This was primarily driven by an increase in net interest income of $1.8 billion, stemming from growth in the company's loan portfolio and higher gains on foreign currency activities.
 
But there was a 2.5 per cent decrease in net insurance revenue, reaching $524 million, down from $537.5 million last year.
 
Scotia Group says this was driven by higher insurance service expenses, which was offset by higher contractual service margin releases, and higher revenue coming from its Creditor Life portfolio.


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