Scotia Group Jamaica Limited (Scotia Group)
Scotia Group, established in 1889 and headquartered in Kingston is one of the largest banking and financial service organizations in Jamaica, with assets in excess of $664 billion. We offer a diversified range of tailored financial solutions through our subsidiaries to a wide range of corporations, governments, institutions, and individual clients across all sectors within the Jamaican economy, supported by a network of 28 branches, 292 ATMs, 1,485 team members and a best-in-class digital banking platform.

Scotia Group has delivered 134 years of unbroken industry-leading service to Jamaica and continues to focus on evolving by building on our client first strategy in Jamaica as we continue to leverage our strength, experience, resilience and execute on our strategic plans to support clients’ financial well-being and help them plan for the future.

Leadership

Anya Schnoor Chair of the Board of Directors
Anya Schnoor was appointed Chair of Scotia Group Jamaica Limited effective December 10, 2022. She has been the Executive Vice President, Caribbean, Central America & Uruguay for International Banking since October 2020.

In this role, Anya leads the development of the overall strategic direction for the Bank’s personal, commercial, corporate, wealth, and insurance operations in the regions.

Anya joined Scotiabank in Jamaica in 2006, and has held progressively senior roles across the bank, including her most recent role as the Executive Vice President, Retail Products in Canadian Banking. Her experience in the financial services sector in the Caribbean spans
more than 30 years in the areas of wealth management, insurance and banking.

She is widely-recognized as a strong business leader in the Caribbean region, receiving the Caribbean Luminary Award in 2019 by the American Foundation for The University of the West Indies for her contributions in the business community. She is also a member of the
International Women’s Forum (IWF), an organization dedicated to supporting the next generation of women leaders.

Ms. Schnoor holds a Master of Business Administration from Barry University and a Bachelor of Business Administration in Finance and International Business from Florida International University.

Audrey Tugwell Henry President and Chief Executive Officer
Audrey Tugwell Henry is the President & CEO, Scotia Group Jamaica Limited since January 1, 2021. She has been employed to Scotiabank for a collective period of 14 years in executive positions. Audrey joined Scotiabank in May 2000 to May 2008 and again in September 2017 as the Executive Vice President, Retail and Small Business Banking, Caribbean North & Central.

Audrey has a combined 36 years of experience in banking with 21 years at the executive level and a proven track record leading businesses within the Financial Services Industry.

She is passionate about women empowerment, diversity and inclusion. Audrey spearheaded the launch of the Scotiabank Women Initiative in Jamaica, a program supporting women-led and women-owned businesses. She is a member of the Scotiabank International Banking Inclusion Council and under her leadership, the Caribbean Inclusion Council was established with representatives from across the Caribbean. Additionally, she places much of her focus on the development of talent and provides guidance and coaching through the Scotiabank Caribbean Network’s Mentorship Program, as well as direct coaching. She is also a member of the International Women’s Forum (IWF), an organization dedicated to supporting the next generation of women leaders.

Outside of the Scotia Group, Audrey is the President of the Jamaica Bankers’ Association, appointed in October 2023, and also serves on the board of the Mona School of Business and Management.

She has a Diploma in Education from Church Teachers’ College, Mandeville, a Bachelor of Science degree in Management Studies from the University of the West Indies and a Master of Business Administration.

The Business Has Yielded Stellar Results For The Past Fiscal Year –
Business Performance Highlights

Our strong performance for the year yielded a return on average equity of 15.15% versus 9.43% in the prior year, a marked improvement of 5.72%.

Our asset base grew by $70.3 billion or 12% to $664.7 billion as at the end of the fiscal year and was underpinned by the excellent performance of our loan portfolio. Shareholders’ equity available to common shareholders increased by $20.2 billion or 19% when compared to October 2022.

We continue to maintain strong capital adequacy, exceeding regulatory capital requirements in all our business lines, and our strong capital position also enables us to capitalize on any growth opportunities which emerge in the market.

Each business line made strong contributions to the overall results as we offer clients a comprehensive suite of financial services. Our deposit book continues to grow as clients choose us to manage their finances.

Total deposits grew by 12% when compared with the previous year while total loans increased by 14.6% year over year.

In our retail business, we continue to see significant growth in mortgages which increased by 25% when compared with prior year. This continued growth is indicative of the demand in the market, our competitive rates as well as our very streamlined mortgage process. Commercial banking also delivered outstanding results with commercial loans increasing over prior year by 12%.

Our relationship managers have consistently delivered positive results by understanding the needs of our business clients and providing solutions to facilitate their growth and development. As we continue to promote a balanced financial portfolio, our wealth and insurance businesses continue to offer real value to our clients. This year, we re-affirmed the importance of adequate protection through our insurance subsidiaries.

Our life insurance arm – Scotia Jamaica Life Insurance Company increased net insurance revenue by 105% versus last year. Key to their performance were product enhancements for flagship products such as ScotiaCriticare as well as our Approved Retirement Scheme, ScotiaBRIDGE.

Our newest subsidiary, Scotia General Insurance Agency (ScotiaProtect), generated $400 million in annualized premiums in its first year of operation as clients positively respond to our strong value proposition.

Scotia Investments also made a strong contribution to the Group’s performance. Assets Under Management increased by $11 billion or 6% year over year.

Additionally, all Scotia Investments mutual and unit trust funds continue to deliver good returns to unitholders.

Our stable NAV fund, the Scotia Premium Money Market Fund recorded a 1-year return of 7.3%, exceeding the inflation rate (5.1%) for the 12-month period ending October 31, 2023. Scotia Money Market Fund also delivered over 4% US Dollar returns to unitholders over the last 12 months