.png)
By Javaughn Keyes
Scotia Group Jamaica says its loan portfolio increased by $34.2 billion or almost 15 per cent for the 2022/2023 financial year.
For the 12 months to October, loans minus allowances for credit losses reached $268.8 billion, versus $234.7 billion for the same period in 2022.
Mortgages led the increase, moving up by 25 per cent year over year.
The value of consumer loans increased by 9 per cent, credit cards by 8 per cent and commercial loans by 12 per cent.
President and CEO of Scotia Group Jamaica, Audrey Tugwell Henry, said the bank continues to see a diligent rebound in its loan book, coming out of the COVID-19 pandemic.
"I would say 2023 is more or less the first year of operation out of COVID, even though that financial year runs from November 1, 2022 to October 31, 2023, so there was still a little bit of COVID noise in the numbers. But we're seeing a very, very high demand for credit, both for retail customers and for
our corporate commercial and small business and banking customers," she noted.
comments powered by Disqus
All feeds
