SCOTIABANK TT has reported a profit after tax of $658 million for the fiscal year ended October 31, marking a $3 million increase compared to the previous year’s restated figure. Earnings per share rose to $3.73 from $3.71.

Managing director Gayle Pazos highlighted the bank’s key achievements in a media statement, saying, “I am pleased to report that Scotiabank has once again delivered another year of solid financial results, achieving over $650 million in annual net income after tax.

“One of our key financial achievements for the year was seeing total net loans to customers exceed $20 billion for the first time in our history.

“This significant growth was achieved in all segments, especially within our corporate and commercial lines where we continue to support businesses and government sector entities with funding to invest and support the local economy."

Total revenue increased by four per cent to $1.9 billion, driven by a seven per cent rise in net interest income to $1.4 billion, largely due to higher loan volumes and improved investment returns.

Net impairment losses on financial assets decreased by five per cent to $101 million, indicating better credit quality despite an expanded lending portfolio.

The provision for credit losses (PCL) ratio improved to 0.51 per cent from 0.58 per cent the previous year.

The bank’s total assets grew by six per cent to $31.4 billion, while loans to customers, its largest interest-earning asset, increased by 11 per cent to $20.7 billion.

Investment securities climbed ten per cent to $6.6 billion, owing to asset diversification strategies.

On the liabilities side, customer deposits rose by four per cent to $23 billion, contributing to a six per cent increase in total liabilities, which reached $26.8 billion.

Scotiabank maintained a strong capital position, with total equity rising by three per cent to $4.6 billion. Its capital adequacy ratio stood at 17.2 per cent, well above the regulatory minimum of ten per cent.

The bank declared a fourth-quarter dividend of $0.70 per share, bringing the full-year payout to $2.85, up from $2.80 in 2023.

This represented a payout ratio of 76 per cent and a dividend yield of 5.08 per cent – an improvement of 121 basis points.

Segment-wise, the insurance division contributed 17 per cent of the group’s net income after tax, driven by a 15 per cent increase in revenue due to higher policy sales and product innovation.

Mutual funds under management in the wealth-management segment rose by seven per cent to $1.7 billion, supported by a 17 per cent gain in its Short-Term Income Fund.

Despite an eight per cent increase in non-interest expenses to $839 million due to inflation, business growth and digital infrastructure upgrades, the bank maintained a productivity ratio of 43 per cent.

Scotiabank boasted several awards in its statement. It included the Global Finance Best Bank award and TT’s best digital bank title for the fourth consecutive year.

Its mobile banking app was also named the country’s best for the sec