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Uber Announces Results for First Quarter 2023

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  • Gross Bookings grew 19% year-over-year and 22% year-over-year on a constant currency basis
  • Mobility and Delivery Adjusted EBITDA margins at all-time quarterly highs
  • Operating cash flow of $606 million; Record free cash flow of $549 million

Dara Khosrowshahi CEO Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2023.

Financial Highlights for First Quarter 2023

Gross Bookings grew 19% year-over-year (“YoY”) to $31.4 billion, or 22% on a constant currency basis, with Mobility Gross Bookings of $15.0 billion (+40% YoY or +43% YoY constant currency) and Delivery Gross Bookings of $15.0 billion (+8% YoY or +12% YoY constant currency). Trips during the quarter grew 24% YoY to 2.1 billion, or approximately 24 million trips per day on average.

Revenue grew 29% YoY to $8.8 billion, or 33% on a constant currency basis, with Revenue growth significantly outpacing Gross Bookings growth due to a change in the business model for our UK Mobility business.

Net loss attributable to Uber Technologies, Inc. was $157 million, which includes a $320 million net benefit (pre-tax) primarily due to net unrealized gains related to the revaluation of Uber’s equity investments.

Adjusted EBITDA of $761 million, up $593 million YoY. Adjusted EBITDA margin as a percentage of Gross Bookings was 2.4%, up from 0.6% in Q1 2022. Incremental margin as a percentage of Gross Bookings was 12.0% YoY.

Net cash provided by operating activities was $606 million and free cash flow, defined as net cash flows from operating activities less capital expenditures, was $549 million. Unrestricted cash, cash equivalents, and short-term investments were $4.2 billion at the end of the first quarter.

“We delivered record profitability and free cash flow in Q1, and we are poised to expand profitability again in Q2. We continued to actively manage our balance sheet, exiting our equity position in Yandex Taxi and refinancing our term loans, and remain focused on disciplined capital allocation over the coming years.” Nelson Chai, CFO.

Mobility

Gross Bookings of $15.0 billion: Mobility Gross Bookings grew 43% YoY on a constant currency basis. On a sequential basis, Mobility Gross Bookings grew 1% quarter-over-quarter (“QoQ”).

Revenue of $4.3 billion: Mobility Revenue grew 72% YoY and 5% QoQ. The YoY increase was primarily driven by a $1.1 billion benefit related to a UK business model change that classifies most driver payments and incentives as cost of revenue. Mobility Take Rate of 28.9% increased 540 bps YoY and increased 110 bps QoQ.

The UK business model change impacting revenue represented a 750 bps net benefit to Take Rate in the quarter.

Adjusted EBITDA of $1.1 billion: Mobility Adjusted EBITDA increased $442 million YoY and $48 million QoQ. Mobility Adjusted EBITDA margin was 7.1% of Gross Bookings compared to 5.8% in Q1 2022 and 6.8% in Q4 2022. Mobility Adjusted EBITDA margin improvement YoY was primarily driven by better cost leverage from higher volume.

“We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement. Looking ahead, we are focused on extending our product, scale and platform advantages to sustain market-leading top and bottom-line growth beyond 2023.”Dara Khosrowshahi CEO

Delivery

Gross Bookings of $15.0 billion: Delivery Gross Bookings grew 12% YoY on a constant currency basis. Delivery Gross Bookings in US&CAN were up 11% YoY and in all other markets were up 12% YoY on a constant currency basis.

Revenue of $3.1 billion: Delivery Revenue grew 23% YoY and 6% QoQ. Take Rate of 20.6% grew 250 bps YoY and grew 10 bps QoQ. Business model changes in some countries that classify certain payments and incentives as cost of revenue benefited Delivery Take Rate by 430 bps in the quarter (compared to 400 bps benefit in Q1 2022 and 480 bps benefit in Q4 2022).

Adjusted EBITDA of $288 million: Delivery Adjusted EBITDA grew $258 million YoY and $47 million QoQ, driven by higher volumes and increased Advertising revenue, as well as decreased marketing costs. Delivery Adjusted EBITDA margin as a percentage of Gross Bookings reached 1.9%, compared to 0.2% in Q1 2022 and 1.7% in Q4 2022.

Freight

Revenue of $1.4 billion: Freight Revenue declined 23% YoY and 9% QoQ driven by lower revenue per load and volume, both a consequence of the challenging freight market cycle.

Adjusted EBITDA loss of $23 million: Freight Adjusted EBITDA declined $25 million YoY and $15 million QoQ. Freight Adjusted EBITDA margin as a percentage of Gross Bookings declined 1.7 percentage points YoY to (1.6)%.

Corporate

Corporate G&A and Platform R&D: Corporate G&A and Platform R&D expenses of $564 million, compared to $482 million in Q1 2022, and $580 million in Q4 2022. On a YoY basis, Corporate G&A and Platform R&D remained flat as a percentage of Gross Bookings.

Operating Highlights for the First Quarter 2023

Platform

Monthly Active Platform Consumers (“MAPCs”) reached 130 million: MAPCs grew 13% YoY to 130 million, driven by continued improvement in consumer activity for our Mobility offerings.

Trips of 2.1 billion: Trips on our platform grew 24% YoY, driven by both Mobility and Delivery growth. Both Mobility and Delivery trips were up QoQ.
Supporting earners: Drivers and couriers earned an aggregate $13.7 billion (including tips) during the quarter, with earnings up 26% YoY, or 30% on a constant currency basis.

Membership: Returned to the Super Bowl stage for the third year to launch our latest campaign “One Hit for Uber One.” Uber One continued to experience ongoing adoption and our member base in US & Canada reached an all-time high.

Uber app redesign: Launched the redesigned Uber app, focused on driving cross-platform usage across Mobility and Delivery, and making our “Go Anywhere, Get Anything” differentiator even easier. Updates include a new home screen, more personalization, and a new way to track the live progress of a ride without opening the app.

Advertising: Expanded our advertising formats with the addition of Post Checkout ads on Uber Eats, enabling non-Eats merchants to advertise in the app. In addition, launched a self-service platform for cartop ads, giving drivers a way to earn more revenue and spotlight local businesses. Active advertising merchants during the quarter exceeded 345K.

Cloud migration: Announced long-term partnerships with Google Cloud and Oracle to migrate our infrastructure to the cloud. These strategic partnerships include other areas of collaboration with Google and Oracle.

Annual Environmental, Social, and Governance Report: Published our annual Environmental, Social, and Governance Report in April, which highlights our perspectives on the ESG issues that matter most to the people who earn on, move on, or invest in our platform, as well as our approach to People and Culture and our broader diversity, equity, and inclusion initiatives.
Mobility

Uber Reserve expansion: Building on strong traction in other regions for Uber Reserve, expanded product availability to new markets in EMEA. In addition, expanded Reserve feature availability across many cities, including launching Economy products in New York City.

Taxis: Launched Uber Taxi in new markets including Munich, Germany; Tromsö, Norway; Palermo, Italy; the metropolitan area of São Paulo, Brazil; and more. Uber Taxi is now available in Argentina in all cities where Uber is available, and 100% of New York City taxi supply is now connected to Uber.

Airport product bundle: Announced a series of new products and features aimed at making airport travel experiences smoother than ever, including new Uber Reserve features, Business Comfort expansion, in-app directions to pickup, and walking ETAs.

Earner and rider safety: Expanded the opt-in audio recording feature to more than half of the US and all of Canada, giving riders and drivers the option to initiate an audio recording during a trip through the Safety Toolkit in their Uber app.

Electric Vehicle (“EV”) updates: Expanded Comfort Electric to 14 new markets across the US and Canada, bringing us to 40 North American markets where riders can use Uber to go electric. In addition, signed agreements with bp to provide access to reliable and convenient charging and Tata Motors to bring 25,000 EVs onto Uber’s platform.

Micromobility partnership: Announced a multi-market commercial partnership with Tembici, a leader in micromobility across Latin America, to make bikes and electric bikes available directly in the Uber app.

Delivery

Grocery courier experience: Rolled out new features to improve the Shop and Pay experience for grocery couriers across the US, including suggested substitutions for out of stock items, digital payments, and enhanced upfront order clarity.

New Verticals merchant selection: Expanded our New Verticals selection around the world, as we launched PetSmart as a retail partner in the US; grocery delivery with Coles, Australia’s second-largest grocer; a convenience partnership with Mexican pharmacy Benavides; and alcohol delivery from all serviceable locations of the Liquor Control Board of Ontario (“LCBO”) in Canada.

Uber Eats at Venues: Announced new functionality that allows sports fans to order concessions directly to their seats at Yankee Stadium, building upon mobile ordering for pickup at venues including Minute Maid Park, Capital One Arena, Angel Stadium and PayPal Park. In addition, signed a new partnership with Tampa International Airport to facilitate mobile ordering before boarding a flight.

Certified Virtual Restaurant Program: Announced new quality standards and a new Certified Virtual Restaurant Program in the US to make virtual restaurant operations more streamlined and effective for merchants, and to create a more consistent, reliable virtual restaurants experience for consumers who use Uber Eats.

Courier electrification: Introduced new partnerships to support zero-emission modes of transportation for delivery couriers, including working with Gachaco to provide rapid battery replacement for three-wheelers in Japan; Lumala to improve e-cycle availability for Uber Eats couriers in Sri Lanka; and HumanForest to give Uber Eats couriers full access to its e-bike and e-moped fleet in London.

Freight

Electric truck pilot partnership with WattEV and CHEP: Announced a strategic partnership with WattEV to deploy electric trucks on select routes in Southern California. CHEP was the first shipper to participate in the pilot, which serves as an important milestone in electric freight transportation and established Uber Freight’s first EV deployment.

Corporate

Refinanced Term Loans: Refinanced Uber’s 2025 and 2027 term loans, extending the full $2.5 billion to a 2030 maturity.

Recent Developments

Yandex stake sale: In April 2023, we entered into and closed on a definitive agreement to sell our remaining equity interest in MLU B.V., our joint venture with Yandex, to Yandex for $702.5 million in cash.

Careem Super App investment: In April 2023, we entered into a series of agreements with Emirates Telecommunication Group Company whereby we will contribute $400 million into the Careem non-ridesharing businesses (“Careem Super App”) in exchange for a majority equity interest.

Outlook for Q2 2023

For Q2 2023, we anticipate:

Gross Bookings of $33.0 billion to $34.0 billion
Adjusted EBITDA of $800 million to $850 million

For more information CLICK HERE

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Businessuite Markets

Main Event Entertainment Records $9.4M Net Loss For April 2025 Quarter

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

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Solomon Sharpe Chief Executive Officer For Main Event Entertainment Group Limited Has Released The Following Unaudited Results For Six Months Ended April 30, 2025

The second quarter of the financial year unfolded within a still recovering economic environment. Jamaica experienced two consecutive quarters of economic contraction prior to this period, with the latest data from the Planning Institute of Jamaica (PIOJ) indicating a return to modest growth.

As a business closely tied to consumer activity and discretionary spending, MEEG’s performance is inevitably influenced by prevailing economic conditions. In times of reduced disposable income, demand for entertainment, events, and promotional services often comes under pressure. This context has framed many of the challenges and opportunities we faced during the quarter.

The company generated revenue of $306.368 million for the second quarter ended April 30, 2025. This represents a decline of $112.207 million or 27% compared to the second quarter of 2024. For the half-year, the company earned revenue of $891.395 million, reflecting a reduction of $94.932 million or 10% relative to the corresponding period last year. This contraction in revenue is primarily attributable to continued softness in core event categories, most notably Entertainment & Promotions and M-Style Decor. Performance was impacted by a combination of lower client marketing spend, fewer large-scale productions, and the nonrecurrence of several high-value projects that contributed materially to the prior year’s second quarter. Despite the general slowdown, the period saw several new and re-engaged clients contribute positively to revenue performance.

As part of its long-term strategy to reduce revenue volatility and deepen brand equity, the company has begun investing in its proprietary events. The performance of these initiatives is expected to materialise in the upcoming quarters.

Gross profit for the quarter was $165.818 million, compared to $198.064 million in the second quarter of 2024 — a decline of $32.246 million or 16%. Gross profit for the six months amounted to $467.485 million, down $46.402 million or 9% relative to the same period last year.

The company’s gross margin remained relatively stable at 54% for the quarter, a slight improvement from the 53% reported in the prior year. This increase reflects stronger project cost control and enhancements in resource planning, even amidst a softer revenue performance.

The company recorded a net loss of $9.337 million for the quarter, compared to a net profit of $20.016 million in Q2 2024. For the six-month period, net profit stood at $64.329 million, a decrease of $55.942 million or 47% from the $120.271 million earned in the comparative period. This swing was primarily driven by the reduction in revenue and other operating income, which was not fully offset by cost reductions.

Administrative and general expenses for the quarter totalled $143.244 million, an increase of $15.757 million or 12% compared to $127.487 million in the prior year.

Selling and promotional expenses also rose to $7.177 million, up 62% year over year, driven by increased brand-building efforts.

Depreciation expense declined by approximately $6.718 million or 20% compared to the prior quarter and by $9.764 million year-over-year, reflecting the completion of previous capital cycles. Conversely, amortisation charges increased, largely due to the refinancing of existing leases and the addition of new ones. These movements are aligned with the company’s strategy to invest in equipment and assets that enhance operational capacity and service delivery.

Total operating expenses for the quarter were $186.794 million, compared to $178.886 million in Q2 2024, an increase of 4%. On a year-to-date basis, total operating expenses amounted to $405.514 million, up $20.279 million or 5% over the $385.235 million recorded in the prior year.

Finance costs were marginally higher at $2.959 million, while taxation for the quarter reflected a credit of $1.876 million, corresponding to the pre-tax loss position.

The company reported a loss per share of $0.03 for the second quarter, compared to earnings per share of $0.07 in the prior year. For the six-month period, EPS was $0.21, down from $0.40 in 2024.
As at April 30, 2025, total assets stood at $1,219.275 million, broadly in line with $1,219.929 million recorded at the end of the second quarter of 2024.

Cash and bank balances amounted to $141.700 million, with short-term deposits increasing to $252.598 million, together reflecting a stable liquidity position.

Receivables closed at $299.718 million, slightly below the $309.556 million reported in the prior year.

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The LAB Posts $20.6M Half-Year Profit, Down 58%, Impacted by Revenue Timing and Margin Compression

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Kimala Bennett Chief Executive Officer for Limners and Bards Limited (The LAB) has released the following unaudited consolidated financial statements for the six-month period ended April 30, 2025, prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated results include the performance of subsidiary Scope Caribbean Limited (Scope), whose core business involves the scouting, placement, and management of talent, supported by the development and maintenance of a comprehensive talent database.

For the period under review, the Group’s consolidated balance sheet remained sound with a stable cash position, providing the financial flexibility to support ongoing operations and strategic initiatives.

Revenue over the 6-month period of $460.2 million, represented a 3.3% increase compared to the corresponding period in 2024. This growth was driven primarily by increased activity in the Production and Media business segments. Media contributed $240.7 million, followed by Production at $151.8 million, and Agency at $67.5 million.

Gross profit amounted to $175.4 million, reflecting a 2.7% decline year-over-year. This was due to a higher proportion of revenue being derived from Media, which typically carries lower margins relative to the Agency segment. This shift in revenue mix also resulted in a 2% decline in the company’s net profit margin.

Net profit for the six-month period stood at $20.6 million, a 58.3% decline compared to the same period in the prior year. The decrease was primarily attributable to lower gross margins and a reduction in second-quarter revenue which was largely due to seasonal variations and the timing of project deliveries.

Operating expenses, comprising administrative, selling, and distribution costs, increased by $14.4 million or 10 percent compared to the same period last year. This increase primarily reflects strategic investments in talent, particularly in areas critical to our growth agenda such as business development, content creation, and enhancing the overall customer experience. While these investments contributed to higher short-term costs, they are considered essential to scaling our operations and building long-term shareholder value.

Total assets amounted to $1.03 billion, reflecting a decrease of $11.2 million or 1.1 percent, mainly attributable to normal depreciation. Current assets increased marginally to $865.9 million, up $1.6 million from the prior year.

Cash and cash equivalents stood at $332.4 million, down $226 million year-over-year, due primarily to increased investment in the development of proprietary content assets.

Accounts receivable increased by $39.5 million, and management continues to work closely with clients to manage credit terms and reduce outstanding balances.

Shareholders’ equity grew to $659.1 million, up 1.8 percent from $647.3 million in the prior-year period.

The LAB remains focused on disciplined execution of its growth strategy, with a continued emphasis on improving operational efficiency, diversifying revenue streams, and delivering long-term value to shareholders

Outlook & Growth Strategy

Looking ahead, the Group remains focused on executing its strategic roadmap amidst continued transformation in the marketing and creative services sector. Our efforts are concentrated on expanding and diversifying revenue streams, acquiring new clients, and introducing new service lines that align with emerging market needs. At the same time, we are maintaining a strong emphasis on cost discipline and efficiency.

The integration of artificial intelligence into our operations is expected to further streamline processes and deliver cost savings where appropriate.

Continued investment in content development also remains a strategic priority.

Despite ongoing macroeconomic uncertainty, 2025 has presented key opportunities for us to advance several critical initiatives. Our revenue expansion strategy includes the rollout of our “Five-in-25” content plan, which focuses on the development of five scalable content properties, the geographic expansion of our Agency and Production services, and the monetization of existing financial and intellectual assets to enhance top-line growth.

For More Information CLICK HERE

SEE ALSO

Meta’s AI Ad Revolution Is A Seismic Shift in the Media Landscape – Its Impact On Caribbean Agencies

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Scotiabank Trinidad And Tobago Declares Dividend Of 70 Cents Per Share For 2nd Quarter

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Scotiabank Trinidad and Tobago Limited (The Group) reported Income After Taxation of $340 million for the 6 months ended 30 April 2025. This represents an increase of $17 million or 5% compared to the 6 months ended 30 April 2024. Income after Tax for the second quarter was $174 million, an increase of $14 million or 9% over the prior quarter’s performance.

This improved profitability resulted in an increased Return on Equity (ROE) of 14.9% and a stable Return on Assets (ROA) of 2.2% over 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 2nd quarter, for a total of 140 cents for the first half of fiscal 2025. Earnings per Share (EPS) increased to 192.9c with a strong Dividend yield of 5.35%.

Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited commented, “I am pleased to report on the Group’s strong financial performance this quarter.

By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

Income After Tax increased by 5% year on year, driven by core revenue growth. We have achieved significant asset growth of $1.8 billion or 6%, testament to our robust strategies and market positioning. Loans to Customers grew $716 million or 4%, with our investment portfolio growing by $1.6 billion or 27%.

This strong asset growth underscores our commitment to optimizing market conditions and ensuring consistent value creation for our stakeholders. Customers’ Deposits also grew by $1.6 billion or 7%, with digital adoption increasing to 57%. By leveraging digital advancements and optimizing asset allocations, the Group has set a solid foundation for future growth and resilience in an ever-evolving financial landscape.

For More Information CLICK THIS LINK

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CIBC Caribbean Delivers Another Strong Quarter Of Financial Performance

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

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CIBC Caribbean has delivered another strong quarter of financial performance with a net income of US$58.5 million for the six months ended April 30, 2025. This result reflects an increase of US$9.6 million or 20% over the prior year’s net income of US$48.9 million. Our continued growth has been driven by higher net interest income, improved credit quality, and disciplined expense management.

Total revenue for the period was US$223.3 million, up US$15.8 million or 8% from the prior year. Net interest income rose by US$10.9 million or 7%, reflecting loan growth and improved margins. Non-interest income also increased by US$4.9 million or 11%, due to higher transaction volumes and foreign exchange earnings.

We have maintained our focus on credit quality, and this is reflected in our provision for credit losses of US$2.8 million, which is US$5.1 million lower than the prior year. The reduction was driven by improved economic conditions and our prudent risk management approach.

Operating expenses increased by US$2.1 million or 2%, primarily due to investments in technology and digital transformation initiatives, in line with our strategy to enhance customer experience and drive efficiency.

Our capital and liquidity positions remain strong and comfortably above regulatory requirements, supporting future growth and resilience.

Mark St. Hill Chief Executive Officer June 12, 2025

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Businessuite Markets

Scotia Group Delivers 19% Q2 Profit Growth, Net Income Hits $5B for the Quarter

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The Following is an extract from Scotia Group Jamaica Limited (SGJ) Quarterly Financial Statements Q2/2025 and Declaration of Second Interim Dividend Payment

Scotia Group reports net income of $9.2 billion for the six months ended April 30, 2025, representing an increase of $665.6 million or 7.8% over the prior year. Net income for the quarter of $5 billion reflected an increase of $797.9 million or 19% over the previous quarter. The Group’s asset base grew by $87 billion or 12.9% to $763.5 billion as at April 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the second quarter, which is payable on July 17, 2025, to stockholders on record as at June 25, 2025.

Commenting on the Group’s performance, Scotia Group’s President and CEO, Audrey Tugwell Henry said “I am very pleased with our Q2 performance.

Our business continues to grow as we prioritize our clients’ needs, offering them the best financial services and solutions in the market. We are also very proud that our performance has been recognized by renowned international financial publications. Scotiabank Jamaica has been named Bank of the Year 2025 by the prestigious publication, The Banker Magazine, as well as the Best International Private Bank 2025 by Euromoney, and The Best Bank in Jamaica by Global Finance Magazine. These accolades are a testament to the effectiveness of our strategy and the excellence of our people. We are buoyed by these awards and motivated to continue to strive toward our ultimate goal of being our clients’ most trusted financial partner.

Business Performance

All business lines continue to perform well and made significant contributions to the Group. Our retail banking business boasts some of the best solutions in the market and our clients are increasingly choosing Scotia Group for their financing needs. Our flexible retail loans and mortgages offer among the lowest interest rates in the market. Our Scotia Plan loan portfolio grew 14% over the previous year and our mortgage portfolio grew by 24% over the same period.

The Corporate and Commercial Banking unit continues to provide significant support to the business sector. While the uncertainties of the geo-political environment remain a concern, Scotiabank is uniquely positioned to help our clients by leveraging insights from our global bank to support them in navigating the challenges in the market. In Q2, our commercial loan book grew by 7 % over the previous year.

Scotia Investments Jamaica Limited delivered another commendable performance with Assets Under Management increasing by 12% year over year. In March, SIJL’s corporate solutions unit was the lead arranger for a $950 Million bond raise for Fontana Pharmacy. The coordinated collaboration between our corporate banking and corporate solutions business units continue to yield strong results for the Group.

Scotia Jamaica Life Insurance Company (SJLIC) reported an increase in net insurance business revenue of 76% over the previous year driven by the performance of the portfolio. Scotia General Insurance Agency (SGIA) also made strong contributions to the quarter’s results with Gross Written Premiums increasing by 64% and policy sales increasing by 55% year over year.

GROUP FINANCIAL PERFORMANCE

TOTAL REVENUES

Total revenues excluding expected credit losses for the six months ended April 30, 2025, grew by $2.9 billion to $33.4 billion, reflecting an increase of 9.5% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.9 billion or 8.5% as well as an increase in other revenue of 13.1%. OTHER REVENUE Other income, defined as all revenue other than interest income, increased by $1.2 billion or 13.1%.

• Net fee and commission income for the period amounted to $3.9 billion, reflecting an increase of $501.1 million or 14.6%. This growth was fueled by higher volumes of client transactions and activities.

• Net insurance revenue increased by $797.4 million or 75.6%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.

• Net gains on financial assets amounted to $288 million, reflecting a year over year increase of $85.5 million or 42.2%, given improved market performance.

OPERATING EXPENSES

Operating expenses totaled $18 billion as at April 2025 and reflected an increase of $2.6 billion or 16.6% when compared to the prior period. Of note, annual asset taxes recorded during the period totaled $1.7 billion, an increase over 2024 of $140.1 million or 9%. Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $2 billion or 12.3% year over year.

Additionally, higher billings associated with cash transportation services and deposit processing as well as our investments in technology also contributed to the increase noted in other operating expenses. The Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us.

CAPITAL

Shareholders’ equity available to common shareholders totaled $155.9 billion and reflected an increase of $29.1 billion or 22.9% when compared to April 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

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