Scotiabank Trinidad and Tobago Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended July 31, 2016
September 12, 2016 at 04:12 pm EDT
Share
Scotiabank Trinidad and Tobago Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended July 31, 2016. For the quarter, total revenue was $408,514,000 against $377,758,000 last year. Income before taxation and loan losses was $237,838,000 against $225,523,000 last year. Income before taxation was $214,244,000 against $220,996,000 last year. Income after taxation was $159,136,000 against $157,211,000 last year. Earnings per share were 90.2 cents against 89.2 cents last year. The increase in income is attributable to higher net interest income which increased by $128 million (18%) over last year mainly due to strong retail loan growth.
For the nine months, total revenue was $1,195,547,000 against $1,079,988,000 last year. Income before taxation and loan losses was $683,815,000 against $599,262,000 last year. Income before taxation was $630,042,000 against $569,503,000 last year. Income after taxation was $466,827,000 against $416,763,000 last year. Earnings per share were 264.7 cents against 236.3 cents last year. Net cash from operating activities was $1,512,780,000 against $636,631,000 last year. Purchase of property, plant and equipment was $8,419,000 against $12,389,000 last year. Return on equity was 16.63% against 15.51% last year. Return on assets was 2.74% against 2.62% last year. The increase in net interest income was driven by growth in loan volumes of 3%, complemented by lower interest costs this year due to the early repayment of a $618 million medium term bond during the second quarter of last year.
Scotiabank Trinidad and Tobago Limited offers a range of banking and financial services. The Companyâs segments include Retail, Corporate & Commercial, Asset Management, Insurance Services and Other. The Retail, Corporate & Commercial segment includes the provision of loans, deposits, trade financing and other financial services to businesses and individuals. Other segment includes the functions of a centralized treasury unit and other centralized services. Its banking and investing includes chequing accounts, savings accounts and investing. Its financing products include working capital, term financing, risk management, structured finance and investment banking. Its cash management services, such as account management services, payable services, receivable services, and merchant services. Its merchant services include Scotia eCom+, credit and debit card processing and cash management devices. Its international trade service includes domestic and cross-border trade finance solutions.