Scotiabank makes profit of $405m
Scotiabank Trinidad and Tobago Ltd has closed its third financial quarter for 2012 with profit after taxes of $405.4 million.
This brought earnings per share to 229.9 cents, which translated into shareholders being rewarded with a third-quarter dividend of 32 cents for the three months to July 31, the bank said in a statement yesterday.
Performance ratios for the nine months were maintained at strong levels.
Return on assets measured 3.17 per cent while return on equity was 18.6 per cent.
Profitability was en- hanced as the bank's expense management and credit risk policies assisted in containing non-interest expenses, which had a year-on-year decline, the bank said.
Profits before tax for the nine months to July 31 were $525.1 million, compared to $510.2 million in 2011.
This represented an increase of 2.9 per cent or $14.9 million. After accounting for taxes, which came to an effective rate of 22.17 per cent, net profits were $405.4 million or 2.2 per cent higher than 2011.
Year-over-year growth reflected increased net interest income of $691.7 million for the nine months to July 31, which showed positive growth of 2.86 per cent or $19.8 million.
It is important to note that this was achieved against a backdrop of persisting low consumer confidence, reflected in continued, sluggish credit demand, the Scotiabank statement added.