Scotia Group reporting $8.54b in net income for first half of 2024

Scotia Group is reporting net income of $8.54 billion for the six months ended April 30, 2024, representing an increase of $1.1 billion or 14 per cent over the comparative period.

Net income for the quarter of $5.4 billion reflected an increase of $2.3 billion over the previous quarter. 

Scotia says the group's performance continues to be anchored by solid growth across its business lines, prudent risk management, and efficient management of operations.

The bank says growth was underpinned by the excellent performance of its loan portfolio. 

Deposits increased by $26.9 billion, or 6.1%, to $464.4 billion.

In the meantime, the Board approved a dividend of 40 cents per stock unit in respect of the second quarter, which is payable on July 18 to stockholders on record as of June 26. 

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