![]() As a result of some of the strategic changes that we have made, we found that to be very successful this year and that has contributed to some of the growth we've seen in our mortgage portfolio." When asked what lead to the sharp growth in mortgages, head of retail banking and small business for Scotiabank Caribbean North and Central Perrin Gayle stated, "What we've done is really make it easy for existing customers, as well as other customers, to move their mortgages over to Scotiabank. There was also an eight per cent increase quarter over quarter for the loan book. Its commercial loan book grew seven per cent, consumer loans by 17 per cent and mortgages rising 28 per cent year over year. These dividend payments come at a time when other publicly listed financial companies skip dividend payments for shareholders amid heightened uncertainty.Īfter recording a slight dip in loans during the first half of the financial year, SGJ's loan book climbed 14 per cent to $237.79 billion with its net interest income growing 24 per cent to $30.40 billion. This brings its total dividends paid to $1.40 and represents a 37 per cent dividend payout ratio. SGJ will pay a $0.35 dividend totalling $1.09 billion on January 20 to shareholders on record as of December 29. Its Scotia Jamaica Life Insurance Company Limited subsidiary had a 606 per cent minimum continuing capital and surplus requirement ratio relative to the 150 per cent regulatory minimum. Its core subsidiary, the Bank of Nova Scotia Jamaica (BNSJ), currently was at the 14 per cent ratio while its investment and building subsidiaries were above the 49 per cent ratio relative to the minimum regulatory requirement of 10 per cent. Tugwell Henry mentioned that its solid capital base gave it the ability to launch out its Scotia General Insurance Agency Limited recently. Our core bank is well capitalised and there is no need to add additional capital to Scotiabank," said SGJ president and Chief Executive Officer (CEO) Audrey Tugwell Henry at the media briefing held recently. We're also able to ramp up growth as there is demand. ![]() "Scotiabank has always managed its capital position very well because that is critical to allow us to not just operate within the regulatory guidelines, but to give ourselves options to do things. Despite the group recording an other comprehensive net loss of $10.47 billion, shareholders' equity only marginally declined by three per cent to $110.85 billion. The financial services group, which is involved in banking, investment and insurance segments, saw improvements across all its operating segments excluding the investment management services business. Scotiabank recorded nearly $12 billion in net profit.Īmid a record 35 per cent growth in consolidated net profit of $11.68 billion for its 2022 financial year, Scotia Group Jamaica Limited's (SGJ) capital base and adequacy remained sturdy amid the unrealised mark to market losses being driven by a high interest rate environment and market volatility.
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