Net income for the quarter reflected an increase of $800 million or 45% over the previous quarter driven by solid performance across our core business lines and strong volume growth.

In keeping with our consistent dividend policy, the Board of Directors approved a dividend of 35 cents per stock unit in respect of the second quarter, which is payable on July 20, 2022 to stockholders on record as at June 28, 2022.

Adding context to the Group’s results, President and CEO, Audrey Tugwell Henry commented “Scotia Group delivered strong results for another quarter.

We continue to advance our Customer First strategy and support the recovery process as the economy normalizes. Performance improved across our business lines as we continue to deliver relevant, value-added solutions to assist our customers to meet their financial objectives.

Deposits increased by 11% versus last year underscoring strong customer
confidence in the Group. We also saw growth in retail loans with our flagship Scotia Plan Loan increasing by 9% year over year signalling a positive trajectory for the remainder of the fiscal.

We registered another quarter of robust growth in our mortgage book with a 22% increase over prior year. We have maintained very attractive mortgage rates to enable more of our customers to purchase and achieve their goal of home ownership.

“Performance improved across our business lines as we continue to deliver relevant, value-added solutions to assist our customers to meet their financial objectives,”  SGJ President and CEO Audrey Tugwell Henry

Assets Under Management at Scotia Investments Jamaica Limited (SIJL) increased from $187 billion to $191 billion year over year. In March, SIJL also lowered the minimum opening balance requirement for mutual funds and unit trusts to $250,000. This move will allow more of our customers to add investment products to their overall financial portfolio.

Scotia Insurance continues to make valuable contributions to the Group’s performance with Gross Premium revenue growing by 7% year over year, led by Creditor Premium Income which increased by 21% year over year. In May we launched Scotia Elevate, a new Universal Life product, which requires no medical underwriting and boasts the highest coverage in the market.

As one of the top financial advisors to the Jamaican market with over 132 years of experience, we are committed to helping our customers and the broader economy to rebound from the pandemic even stronger as the effects of this crisis recede. We initiated a series of customer-focused initiatives during the quarter, including our Scotiabank Vision Achiever SME programme which offers free business coaching to business owners.

March was dubbed SME Digital Month and a series of free online workshops were held to help empower small and medium sized business owners to capitalize on the efficiencies and opportunities that our digital technology can offer. Improving our customer experience remains a key area of focus for the business. We further expanded our Customer Experience Unit and streamlined our escalation processes for complex matters. This has resulted in improved resolution and response times as well as increased capacity for branch staff to serve our customers who visit our locations.

In February, the Group onboarded our first ever brand ambassador, gold medal Olympic Champion, Shericka Jackson. Shericka is a great asset to our team and will feature prominently in more of our public education initiatives and advertising campaigns throughout the year.

As part of our Winning Teams strategy, in March we implemented enhanced parental leave polices for all staff across the Group. Paid maternity leave was extended to 14 weeks and fathers and adoptive parents will now receive four fully paid weeks of parental leave. This is an important move as we continue to strengthen our position to be an Employer of choice in the market.

As we look toward the second half of the financial year, we are very optimistic about the positive trends in the market and in our business as we leverage our strengths and expertise to deliver relevant financial solutions for our customers.

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