Friday, May 30, 2008

Scotia nets over $200m in profit

Published: Friday May 30, 2008

Despite international bank woes and inflation worries at home, Scotiabank Trinidad and Tobago Limited has managed to make over $200 million in profit over the last six months.

In a statement yesterday, Scotiabank managing director, Richard Young, said the bank's board was pleased with the "impressive" results that the nationwide group of banks had delivered at the second quarter of its 2008 financial year.

In total, the group made a profit of $212.3 million for the six months ended April 30.

When compared to last year's profits for the same period, the bank's earnings increased by 19.7 per cent this year.

Young attributed the increase to "the commitment and dedication of its employees", whom he said have been relentless in improving the group's sales and service culture, as well as the implementation of the strategic initiatives which the group had planned.

He also said the buoyancy of T&T's economy helped Scotiabank's profits this year.

As a result of the bank's profit increases, the bank's directors have said they will be pay shareholders 23 cents on each ordinary share next month.

Source: Trinidad Express Newspapers

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