Scotiabank unit ups 9-month earnings 9.24% on contained loan loss expenses

- Monday, August 29, 2011

Scotiabank unit ups 9-month earnings 9.24% on contained loan loss expenses

Scotiabank Trinidad and Tobago, the local unit of Canada's Scotiabank (NYSE: BNS), had TT$397mn (US$62.1mn) in net income for the first nine months of its fiscal year starting November 1, rising 9.24% over the year-ago period on contained loan loss expenses.

Net interest income came to TT$672mn, 6.90% higher than in the year-ago period. Loan loss expenses decreased 28.6% to TT$41.4mn in the same comparison.

The bank saw its earnings for the quarter ending July 31 rise 7.92% year-on-year to TT$134mn, according to its latest financial statements.

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"Recent statistics showed that while private sector credit has continued to improve, it is still not at a strong enough pace to underpin economic recovery. Year-on-year private sector credit extended by the consolidated financial system increased by 0.9% in May 2011, following 20 months of consecutive decline," the unit's managing director, R.P. Young, said in the statement.

The bank's loan book hit TT$10.5bn as of July 31, up 8.19% from 12 months prior.

"It was further reported that credit to the business sector declined for the 19th consecutive month in May 2011, by 2.2%, as business firms still appear hesitant to borrow in the wake of sluggish economic recovery," the bank said.

Scotiabank Trinidad and Tobago's total assets increased 9.3% to TT$16.9bn, and equity was up 11.9% to TT$2.69bn in the 12 months.

To read the full financial statements, go to this link