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Sagicor Group Jamaica Records 30% Reduction In Net Profit Attributable To Stockholders

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According to Christopher Zacca, President & CEO of Sagicor Group Jamaica, the impact of the coronavirus pandemic (COVID-19) has been unprecedented in their lifetime and has caused them to reevaluate priorities as they navigate the far-reaching humanitarian, social, and economic impacts of the disease.

It was against this backdrop he reported the Group generated reduced net profit attributable to stockholders of $1.88 billion, equivalent to a $0.82 billion or 30% decrease when compared to the prior year.

The earnings per share reduced to $0.48 from $0.69.

Total revenue before unrealized capital losses increased by 15% or $3.05 billion.

The Group’s Insurance businesses reported strong new business and portfolio growth, resulting in net premium income and fee income being 24% and 34% higher than the prior year, respectively.

The core metrics of their Commercial and Investment banking businesses have also remained strong.

However, these strong core results were dampened by the dramatic downturn in the economy, he said, creating the following impact:
• Significant unrealized capital losses driven by the broad decline in bond and equity prices, noting this downturn is temporary and that they anticipate some reversal as the effects of COVID-19 are mitigated;
• Significant unrealized IFRS 9 Expected Credit Losses (ECL) on investment securities and the loan portfolios;
• COVID-19 and the resulting travel restrictions have adversely impacted their investments in hotel operations. Hotel revenue had been on an upward trend until the latter part of the quarter when the effects of travel restrictions were keenly felt. The Group recognized:
i. A significant share of loss from its investment in associate (Playa);
ii. An impairment charge on its Investment in Playa and
iii. An impairment charge relating to the Goodwill that arose on the acquisition of the X-Fund Group in 2018.

Despite these negative effects, the operating cash flow of the company has increased by $4.40 billion and the Group’s cash position has improved by $6.10 billion.

Consolidated net profit attributable to stockholders of $1.88 billion was generated from total revenues (including unrealized capital losses of $6.36 billion) of $16.81 billion. When compared to the corresponding 2019 period, profit attributable to stockholders declined by 30% (an increase of 13% when impairment charges are excluded) and revenue decreased by 16%.

The annualized return on stockholders’ equity was 8% as against 14% for Q1 2019.

Net premium income of $12.85 billion was up 24% in 2019, an increase of 16% when excluding premiums from Advantage General Insurance Company (AGIC), acquired in the Third Quarter of 2019.

Net investment income of $4.49 billion was 16% better than last year.

The Group recorded substantial ECL during the quarter on its portfolios of loans and domestic and international investment securities. The value of equities experienced a sharp decline in the latter part of March 2020.

Fee and other income of $3.90 billion grew by 30% since last year, partly due to strong growth in the Bank’s Payments channels business.

The Group also benefited from realized foreign currency trading gains and unrealized gains from the revaluation of foreign currency denominated assets, net of liabilities.

The Group recognized impairment charges of $1.16 billion, resulting from the lower valuations of investments in hotel operations, a direct result of the uncertainty surrounding the future impact of travel restrictions caused by COVID-19.

Despite the effect of unrealized losses on investment securities, Group assets of $458.46 billion showed only a minor decline from December 2019 and significant growth of 13% over the prior year.

Stockholders’ equity of $87.09 billion as of March 2020 increased by 10% or $7.60 billion over the prior year. There were significant unrealized losses on investment securities being carried at fair value through OCI which contributed to a 5% reduction since December 2019.

Individual Insurance

The Individual Life segment posted net profits of $1.27 billion,112% better than 2019. Net premium income of $6.93 billion was 12% higher than the comparative 2019 period, driven by higher new sales (API) in 2020 for both Jamaica and Cayman resulting in the in-force block of policies growing by 7% to almost 600,000 policies.

There were large unrealized capital losses mainly for the segregated funds and an increase of $0.78 billion in Benefits accrued or paid to policyholders due to withdrawals from Segregated policy funds, primarily driven by a change in the investment stance of clients.

The actuarial liabilities were positively influenced by improvements in morbidity and lapse experience.

Employee Benefits

The Employee Benefits segment produced profits of $1.09 billion, being 13% less than in 2019. Overall new sales were much better than last year as annualized new premium income showed 42% growth over 2019. This segment recorded higher ECL and other unrealized losses on its investment securities portfolio.

Benefits expense of $4.08 billion was 8% more than last year, driven by portfolio growth but mitigated by a marginal improvement in claims ratios.

Commercial Banking

Sagicor Bank contributed net profits of $0.13 billion for the quarter, a sharp reduction when compared to 2019. The results were severely impacted by higher ECL on loans relating to Tourism, Entertainment, and Energy sectors. The fee-based income of $1.06 billion was 12% more than the prior year as our Payments channels continued to grow.

Total assets of $153.43 billion were 20% above the amount in March 2019 and 8% higher than the December 2019 amount. Loans and advances, net of provision for loan losses, were $89.97 billion, 26% higher than the March 2019 balance, and $5.30 billion or 6% ahead of December 2019. Customer deposit liabilities of $119.17 billion were up 25% on last year.

Investment Banking

Sagicor Investments showed strong profitability during the period, contributing $0.53 billion (excluding the share of AGIC earnings) to the Group, 43% higher than the prior year. Fee income was down on Q1 2019 as less corporate financing deals were closed during the review period and the business line recorded large unrealized capital losses on its equity portfolio. However, an improvement in its net investment income along with foreign exchange gains contributed to revenues of $1.49 billion, which is 26% above 2019.
Liquidity and Solvency.

Group consolidated cash generated from operating activities was $10.57 billion compared to $6.16 billion in 2019. The liquidity of the Group remained strong with Cash and Cash Equivalents at the end of March 2020 is $27.44 billion (2019: $21.34 billion). The Group has maintained its strong capital position and continues to exceed regulatory capital requirements across all entities, he reported.

In his outlook, Zacca noted that as global economic conditions may deteriorate further in the coming months, they are carefully monitoring and assessing the overall impact on the Group. Sagicor Group Jamaica, he said, remains cautiously optimistic about the future but feels it prudent to take a conservative view of the potential impact of COVID-19 and manage their businesses accordingly.

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R.A. Williams Distributors Experienced 8% Decline In GP Margin Due To Lower Margins On Government Sales

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Audley Reid CEO R.A. Williams Distributors Limited has released the following unaudited financial results for the third quarter ended January 31, 2025, prepared in accordance with IFRS Accounting Standards.

FINANCIAL PERFORMANCE

Revenues for the quarter totalled $438.9 million, up from $380.8 million in the same period last year, demonstrating sustained strong demand for our products. However, the Company experienced an 8% decline in gross profit margin, which stood at 46% for the quarter, primarily due to lower margins on government sales. The net profit margin after tax was 3%, compared to 16% in the prior year, demonstrating our ability to maintain profitability despite market challenges.

Operating expenses as a percentage of revenue increased to 40%, up from 33% in the previous year, mainly due to increased costs related to the right-of-use for our New Brunswick Village location, depreciation on acquired assets, and higher staffing and distribution expenses. Additionally, total assets grew by 56% year-over-year, signalling a positive trajectory and reflecting the ongoing progress of our strategic initiatives as we continue to execute them over the medium to long term.

PRODUCT LAUNCHES AND MARKET EXPANSION

This quarter marked a significant milestone with the official launch of Iracet (Levetiracetam 500 mg), a key addition to our product portfolio. As the first generic of its kind on the Jamaican market, this antiepileptic drug has received a positive response from the medical community. By the end of the quarter, Iracet was also made available at National Health Fund’s Drug-Serv Pharmacies, greatly expanding access for patients. This marks a major achievement in our mission to improve patient outcomes through affordable and accessible medications. In addition to Iracet, we introduced several products under our partnership with Fourrts. These include Cofex, an over-the-counter cough and cold remedy, as well as Sucrafil and Sucrafil-O, prescription medications used in the treatment of stomach ulcers and hyperacidity. These additions further strengthen our diverse product offering and position us to meet the growing needs of the healthcare market.

Furthermore, our Ryvis product line, launched in May 2024, continues to gain momentum. We are excited to announce the upcoming addition of 21 prescription drugs, spanning areas such as pain management, gastrointestinal health, cardiovascular care, and antibacterial treatments. This expansion enhances our market position and supports our strategy to provide comprehensive healthcare solutions for patients and healthcare providers.

OUTLOOK

As we continue to expand our product portfolio and strengthen our market presence, we remain focused on delivering value to our stakeholders. We are confident in our ability to navigate the evolving healthcare landscape, leveraging our diverse offerings and strong industry partnerships. We look forward to building on our successes in the coming quarters and achieving sustained growth.

Audley Reid CEO R.A. Williams Distributors Limited

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Lumber Depot Associate, Atlantic Plumbing And Hardware To Offer 20% Of Its Share Capital To Raise JA$500 Million In Planned IPO.

Atlantic is engaged in the supply of plumbing and hardware items to retail hardware establishments across Jamaica. Atlantic has a well-established position in this important market segment and will continue to focus directly on this business. Atlantic has performed generally in line with expectations and contributed $12.2 million to the year-to-date profit of the business.

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Jeffrey Hall Chairman Lumber Depot Limited has released the following results of the operations for the nine-month period ended January 31, 2025.

Lumber Depot generated net profits of $118.85 million on revenues of $1,134.95 billion. Our annual return on equity continues to be strong and exceeds 15%.

Although our business remains strong and highly competitive, the prevailing economic circumstances have led to some softening in sales (down 2.07% relative to the prior year) coupled with necessary increases in selling, general and administrative costs. As a result of these factors, profit before tax was down 3.94% relative to the prior year profit before tax of $126.15 million.

Lumber Depot operates a full-service hardware store in Papine that serves the needs of large and small scale building contractors, as well as homeowners doing construction projects, renovations and repairs. The Lumber Depot business has been in operation for over 20 years and during this time has established a market leading position in the communities we directly serve and a strong reputation for excellent service and good value across the wider corporate area.

We consider our location in Papine to be an important part of our success. The facility in Papine is now owned by the company. Papine is a vibrant and fast-growing university community that also serves as a main access point to the St. Andrew hills. Our location is immediately within the most trafficked part of the community, is purpose-built and well established. Over the course of this year, we improved the facility in Papine through investments in our buildings and yard space.

Notwithstanding the strong market position of our Papine location, Lumber Depot has concluded that its long-term profit growth will benefit from investment in selective, other opportunities within the hardware industry, but outside of the core Papine location. This focus on growth opportunities led to the acquisition by Lumber Depot of a 35% interest in Atlantic Plumbing and Hardware Limited (“Atlantic”). Atlantic is now an associated company of Lumber Depot and representatives of Lumber Depot have been appointed to its board.

Atlantic is engaged in the supply of plumbing and hardware items to retail hardware establishments across Jamaica. Atlantic has a well-established position in this important market segment and will continue to focus directly on this business. Atlantic has performed generally in line with expectations and contributed $12.2 million to the year-to-date profit of the business. Subsequent to the acquisition of our interest, Atlantic has relocated to a new and improved sales and warehousing facility on Marcus Garvey Drive and overhauled its information technology systems to strengthen its inventory control and service levels.

During the Lumber Depot fourth quarter, Atlantic intends to offer new shares amounting to 20% of its share capital on the Junior Market of the Jamaica Stock Exchange and in so doing, raise $500 million. The proceeds of this initial public offer will be used to reduce the debt and debt service costs of Atlantic and to support the overall growth of the business. The initiative will also reduce the income tax charge on the company and generally improve its business prospects. Lumber Depot intends to participate in the offering.

We are pleased that despite the current challenges Lumber Depot continues to trade positively and to deliver strong results and, importantly, to maintain excellent service levels and customer endorsements. Our strategy is to consistently offer competitive prices on our products and to maintain our service standards and inventory availability.

We will continue to judiciously manage our cash with a view to paying solid dividends and improving shareholder returns. Our board and management is also committed to maintaining the financial capacity to boldly seize and execute on the expansion and acquisition opportunities that we expect to arise once construction growth resumes.

For More Information CLICK HERE

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Single Tax Rate on Dividends to Attract Investors To Jamaica

“When you hear non-resident companies and non-resident individuals, don’t immediately think foreign companies or foreign individuals. These may also be companies registered abroad that are owned by Jamaicans. There are also Jamaican individuals who live abroad in countries that have lower dividend rates that receive dividends from Jamaican companies,” she explained.

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The Government of Jamaica will be applying a single tax rate of 15 per cent to dividends for resident and non-resident companies and individuals, which is expected to make Jamaica more attractive to both local and foreign investors.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure when she opened the 2025/26 Budget Debate in the House of Representatives on March 11.

Mrs. Williams said Jamaica has had a difference in the tax rate on dividends for resident companies and individuals, which is 15 per cent, and for non-resident companies and non-resident individuals, it is 33 1/3 per cent and 25 per cent, respectively.

“When you hear non-resident companies and non-resident individuals, don’t immediately think foreign companies or foreign individuals. These may also be companies registered abroad that are owned by Jamaicans. There are also Jamaican individuals who live abroad in countries that have lower dividend rates that receive dividends from Jamaican companies,” she explained.

The Minister said that reducing tax on dividends and establishing one rate for resident and non-resident companies and individuals of 15 per cent will encourage investments in Jamaica.

“This benefit is one way to say to those Jamaicans who have companies abroad in jurisdictions with lower dividend tax rate than what currently prevails, we are saying to them, we are lowering the rate for you. Bring your capital back to Jamaica,” the Minister said.

By: Rochelle Williams, JIS

Photo: Adrian Walker

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GraceKennedy Delivers Strong Financial Performance in 2024

On the heels of the strong results, GK Group CFO Andrew Messado has announced GK’s first dividend payment for 2025, with J$0.55 per stock unit declared, payable on April 7 and totaling approximately J$543 million. In 2024 GK made a total dividend payout of approximately J$2.35 billion.

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For the period, GK realized revenue of J$167.0 billion, an increase of 7.8% over 2023, while profit before tax (PBT) for 2024 rose to over J$12.3 billion, an increase of 8.6% when compared to prior year.

In 2024 profit before other income increased to i$8.0 billion, representing a 6.0% increase, and profit after tax totalled J$8.9 billion, compared to J$8.4 billion in 2023, an increase of J$485 million or 5.8%. Net profit attributable to stockholders was i$8.4 billion, 8.1% or J$633 million higher than the corresponding period of 2023. Earnings per stock unit for the period was J$8.52 (2023: J$7.86).

In 2024 GK’s total dividend pay-out was approximately J$2.35 billion. Building on our strong 2024 performance and consistent with our Company’s commitment to deliver value to our shareholders, we are pleased to announce GK’s first dividend payment for 2025. A dividend ofJ$0.55 per stock unit has been declared, totalling approximately J$543 million, payable on April 7, 2025.

Performance of Business Segments

Food

Our food division achieved growth in 2024, delivering increased revenue and profit compared to 2023.

Our Jamaican food distribution business delivered a robust performance, with Grace Foods & Services achieving growth across key product lines while enhancing operational efficiency, which positively impacted its bottom line. The expansion of distribution points, coupled with targeted promotions and improved customer engagement, drove strong results for both World Brands Services and Consumer Brands Limited.

Our manufacturing business also delivered improved results compared to prior year, led by a strong performance from Dairy Industries Jamaica Limited (DIJL) and Grace Foods Processors (NALCAN). In 2024, DIJLs products outperformed expectations in both the food service and retail sectors, while NALCAN achieved notable gains in efficiency and throughput. Our most recent acquisition, Unibev Limited, also performed well, surpassing its targets. While Grace Agro-Processors’ performance was negatively impacted by the passage of Hurricane Beryl and multiple periods of drought and intense rainfall affecting Jamaica in 2024, it demonstrated remarkable resilience, adapting effectively to maintain operations.

Our Jamaican supermarket chain, Hi-Lo Food Stores, delivered a commendable performance while pursuing expansion opportunities. Committed to enhancing the shopping experience for its customers, Hi-Lo has been renovating its stores, with recent upgrades completed at its University of the West Indies (UWI) Mona campus and Manor Park locations. Renovations are also underway at its Spanish Town, St. Catherine, and Church Street, Montego Bay locations, further elevating Hi-Lo’s commitment to being the leading Jamaican supermarket for customer experience.

Our international food businesses delivered strong results in 2024, led by impressive revenue growth from Grace Foods UK Limited, driven by the outstanding performance of key product lines in the British market, including Nurishment. In the US, revenue saw an uptick compared to 2023, with growth in the La Fe and Grace brands. Grace Foods Canada produced impressive results compared to prior year, delivering significant growth in both its top and bottom line.

Financial Services

The GraceKennedy Financial Group continued to grow in 2024, delivering increased revenue and profit compared to prior year.

This improved performance was driven by strong results from our banking and investment segment. First Global Bank Limited, our Jamaican commercial bank, surpassed its 2023 revenue and PBT, primarily attributable to notable growth in its loan portfolio, increased investment income, and effective cost management.

GK Capital Management our investment and advisory arm in Jamaica, also achieved higher revenue and profit when compared to prior year, benefiting from a significant improvement in its equity trading portfolio.

Our insurance segment also delivered positive results, with GK General Insurance Company Limited (GKGI) and Canopy Insurance Limited both exceeding revenue and PBT over prior year. GKGI remained committed to driving revenue growth through strategic partnerships, with its collaboration with Scotia General Insurance Agency Limited as the underwriter for ScotiaProtect, resulting in a notable increase in written premiums in 2024.

GraceKennedy Money Services (GKMS) experienced a decline in revenue and PBT compared to 2023, largely due to reduced transaction activity and lower remittance flows in key markets, particularly Guyana.

With margins tightening across major territories, we remain focused on transforming the GKMS business model by investing in cost-effective digital solutions. In May, GraceKennedy Remittance Services launched its first ‘digital sub agent’ in partnership with Lynk Jamaica, which has since seen steady growth in usage.

Our GK One app also solidified its status as Jamaica’s leading digital wallet for remittances in 2024, with strong growth in its number of users and a strong repea usage rate. We continue to innovate, improving the app’s features and functionality to better serve our customers. In October, through GKGI, we launched the third-party insurance product in the GK One app, allowing access to policies and the ability to make changes through the app, a first in the Jamaican insurance industry. In December, we introduced direct-to-wallet functionality to the app, enabling remittance senders to transfer funds directly to a GK One user’s mobile wallet.

Share Buy Back

Our share buyback programme, which began in November 2023, concluded in November 2024. During the period, GK repurchased J$6.4 million of our Company’s outstanding shares. The repurchase of shares was conducted on the open market through our stockbrokers in Jamaica and Trinidad & Tobago, using cash reserves.

We Care

In the final quarter of 2024, we launched several key initiatives through our Environmental, Social and Governance (ESG) programme, reinforcing our commitment to GK’s We Care ethos.

In October, our GK Foundation (GKF) ESG in Action forum showcased how the work of our GK-funded UWI Professorial Chairs in Management and Environmental Management, aligns with our ESG agenda. In November, we donated J$10 million to strengthen agricultural resilience in St. Elizabeth, one of the regions in Jamaica hardest hit by Hurricane Beryl. This included a contribution for a new generator at the Hounslow water pumping station, benefiting 360 farmers, and donation of agricultural supplies. GKF also awarded over J$27 million in scholarships to 78 Jamaican tertiary students and supported the Kingston Harbour Cleanup Project’s Great Mangrove Trash Tournament, removing over 18,000 pounds of waste from the Harbour.

In November, our Grace & Staff Community Development Foundation (Grace & Staff) celebrated the 10th anniversary of its STEM Centre in Downtown Kingston at an Open Day during which students and teachers were engaged in hands-on STEM activities. In December, Grace & Staff’s Christmas outreach delivered care packages to 1,000 senior citizens in Kingston and St. Catherine, with the support of over 100 GK volunteers.

Recognition and Awards

We continued to demonstrate excellence in corporate governance, earning multiple recognitions at the Jamaica Stock Exchange (JSE) Best Practices Awards in December. In the PSOJ/JSE Corporate Governance category for companies listed on the JSE Main Market, GraceKennedy Limited was named first runner-up and our subsidiary, Key Insurance Company Limited was second runner-up. GraceKennedy Limited was also second runner-up in both the Annual Report and Best Website categories.

Leadership Changes

On February 14, 2025, the Honourable Don Wehby, CD, OJ, retired from his role as Group CEO and stepped down from the Board of Directors of GraceKennedy after an exemplary and distinguished tenure. We again extend our heartfelt thanks to Don for his leadership and unwavering dedication to the Company for over three decades. GraceKennedy Limited. Frank James was appointed the new Group CEO of GraceKennedy Limited and to our Board of Directors. Frank has served as the CEO of GK Foods — Domestic, Group CFO, and in several other senior roles in both our food and financial services divisions since joining GK in 2005.  Also, on February 14, Andrea Coy, CEO of GK Foods — International, was appointed CEO of GraceKennedy Foods, unifying the domestic and international segments of our food division under her leadership. Later this year, Grace Burnett will retire as CEO of GKFG, effective August 14, 2025, after an outstanding and dedicated 25-year career at GK. Upon her retirement, Steven Whittingham, the current Deputy CEO of GKFG, will assume the role of CEO of GKFG. The Board of Directors of GraceKennedy Limited is confident that GraceKennedy will achieve even greater success in the years ahead under their leadership.

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Businessuite Top 100 Caribbean Companies and CEO – 2024 Digital Edition

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Scotiabank Trinidad And Tobago Balanced Mix Of Assets Successfully Generates Additional $48 Million.

“The Group has embarked on the 2025 financial year with a commendable performance, reflecting the robustness of our strategy in a highly competitive market. We continue to strategically optimize our balance sheet. Our balanced mix of assets has successfully generated an additional $48 million, a notable 13% increase in Interest Income compared to the first quarter of 2024.

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Scotiabank Trinidad and Tobago Limited (The Group) reported Income After Taxation of $167 million for the quarter ended 31 January 2025, an increase of $2 million or 1% compared to the performance for the 3 months ended 31 January 2024. Return on Equity (ROE) of 14.5% and a Return on Assets (ROA) of 2.2% were unchanged from the prior year. Based on these financial results, Scotiabank Trinidad and Tobago Limited is pleased to declare a dividend of 70 cents per share for the 1st quarter. Earnings per Share (EPS) increased to 94.4c with a solid Dividend yield of 4.98%, rewarding our shareholders for their continued trust in our organisation and strategy.

Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited, in commenting on the solid performance, remarked “The Group has embarked on the 2025 financial year with a commendable performance, reflecting the robustness of our strategy in a highly competitive market. We continue to strategically optimize our balance sheet. Our balanced mix of assets has successfully generated an additional $48 million, a notable 13% increase in Interest Income compared to the first quarter of 2024. Loans to Customers surpassed $20.9 billion, an impressive growth of $1.7 billion or 9% over the same period in 2024. We continue to be recognized by International Financial organizations and our Bank proudly earned another Bank of the Year title from The Banker Magazine, following recognitions from Global Finance and Euromoney in 2024. This award highlights not only our robust financial performance, but also our innovative approach to banking and our focus on delivering exceptional value to our clients. Looking ahead for the rest of 2025, the outlook looks positive although there are challenges. Despite the projection for continued economic growth, potential challenges exist with heightened geopolitical tensions and a shift in global political dynamics. With our continued focus on leveraging our digital banking capabilities and growing our core operating segments, the Bank is well positioned for sustained growth and I am confident that we will continue to positively respond to the changing economic conditions that impact Trinidad and Tobago.”

 

Revenue

Total Revenue, comprising of Net Interest Income and Other Income, was $494 million for the period ended 31 January 2025, an increase of $13 million or 3% over the prior year. Net Interest Income for the period was $382 million, an increase of $36 million or 10% compared to the corresponding period last year. The main driver was interest from Loans to Customers, increasing by $29 million or 9% based on loan growth, with Customer Deposit Interest costs also increasing by $7 million over the comparable period last year. Investment Securities Interest increased by $20 million or 36%, as our team continued to manage liquidity while securing higher earning investment opportunities to generate additional interest income. As of 31 January 2025, Other Income of $111 million decreased by $23 million primarily due to lower trading revenues, in line with industry challenges and prevailing market conditions. This was partially offset through increased Insurance and Wealth revenue streams.

Balance Sheet

Total Assets were $31.2 billion as at 31 January 2025, an increase of $1.1 billion or 4% compared to the prior year. Loans to Customers, the Bank’s largest interest earning asset, was $20.9 billion as at 31 January 2024, an increase of $1.7 billion or 9%. Our Investment portfolio (Securities and Treasury Bills) stood at $6.5 billion as at 31 January 2025, an increase of $451 million or 7%. Our portfolio return has improved over prior year, as we continue to seek opportunities both locally and internationally, to optimize current market conditions and invest in higher earning assets. Total Liabilities increased to $26.5 billion, $232 million or 1% over the same comparable period in 2024 with Deposits from Customers increasing by $932 million or 4%. Our Deposit portfolio has grown in both the retail and commercial segments and is key to providing stable funding for our credit expansion.

Dividends and Share Price

The Group continues to provide a healthy return to our shareholders. A dividend of 70c was declared for the 1st quarter, consistent with the last 3 quarters. This resulted in a payout ratio of 74% and an improved dividend yield of 4.98%, an increase of 63 bps.

Return on Equity and Return on Assets

Return on Equity of 14.48% and Return on Assets of 2.16% remain in line with the average return over the last 5 years.

Gayle Pazos Managing Director of Scotiabank Trinidad and Tobago Limited

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