Scotia Group Jamaica flies high on mortgages and personal loans
Scotia Group Jamaica reported net income of $20.2 billion for the year ended October 31, 2024, representing an increase of $2.9 billion or 17 per cent over the previous year.Net income for the quarter ended October 31, 2024, of $6.2 billion reflected an increase of $703.4 million or 13 per cent over the previous quarter. The Group’s asset base grew by $40.3 billion or 6 per cent to $705 billion at year end with management noting that this was underpinned “by the excellent performance of our loan portfolio.”
Deposits increased by $31.2 billion or 7 per cent to $476.1 billion, while total loans increased by 16.3 per cent year over year. This included an increase of 13 per cent in Scotia Plan personal banking loans and a 26 per cent increase in mortgages when compared with the prior year.
The Group’s commercial loan portfolio increased 11 per cent over the previous year. Meanwhile, Scotia Insurance reported an increase in net insurance business revenue of 40 per cent year over year driven by a higher contractual service margin (CSM) releases from and increases in premium revenue from creditor life.
A 20 per cent increase was also recorded in the number of policies sold when compared to the previous fiscal year. The Group’s newest subsidiary, Scotia Protect, was also said to be growing. Total revenue for ScotiaProtect increased by 230 per cent year over year and Gross Written Premiums were up 143 per cent year over year.
Assets Under Management at Scotia Investments increased by 14.4 per cent over prior year.
The group said that it has digitised new deposit account opening and expects positive results.
President and CEO of Scotia Group, Audrey Tugwell Henry commenting on the year’s performance said “I am extremely pleased. Results are a testament to the effectiveness of the execution of our strategy.”
The Board of Directors has approved a dividend of 45 cents per stock unit for the fourth quarter, payable on January 24, 2025, to stockholders on record as at January 2, 2025.
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