Friday, November 28, 2008

$431.8m profit:Scotiabank beats economic crisis...

Published: Friday November 28, 2008

Despite a faltering global economy and inflation woes on the domestic front, Scotiabank Trinidad and Tobago Limited and its subsidiaries have raked in an after tax profit of $431.8 million for the year ended October 31, 2008, the bank said in a statement yesterday.

The company has made 16.4 per cent more profit than last year, the statement added. Every shareholder got $2.44 cents Earnings Per Share (EPS) for the year thus far.

This year marks Scotia's sixteenth consecutive year of record profitability.

The rate of return on shareholders' equity for the bank's common shares was on par with the previous year, while the Return on Assets (ROA) dipped slightly from 3.58 per cent to 3.45 per cent.

An indicator of how profitable a company is relative to its total assets.Â

Scotiabank's Managing Director, Richard Young, attributed the group's growth to their drive to sustain revenue growth, wise management of Scotia's capital and good leadership skills.

Based on the group's performance, the Board of Directors approved an interim dividend of 25 cents, making a total dividend of 96 cents per share for the year.

According to the website, a dividend is a taxable payment declared by a company's board of directors and given to its shareholders out of the company's current or retained earnings, usually quarterly.

Source: Trinidad Express Newspapers

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