Scotia Group Jamaica posts J$10.1b half-year profit as lending and deposits grow

Scotia Group Jamaica says net income reached J$10.1 billion for the six-month period ended April 30, as the financial group saw gains across key areas of the business.

Revenue before credit losses increased by 11 per cent to $37.1 billion, while customer deposits were up 12 per cent. The group also reported expansion in lending, with the Scotia Plan loan book rising 15 per cent and mortgages increasing 19 per cent year-over-year.

Commercial activity also improved, as deposits grew 14 per cent and loans advanced 15 per cent. President and Chief Executive Officer Audrey Tugwell Henry said the results showed a strong performance and reflected the effectiveness of the group’s strategy.