Scotiabank earns $521m after tax

The content originally appeared on: Trinidad and Tobago Newsday

Scotiabank, Independence Square, Port of Spain. – File photo

Scotiabank realised about $521 million in profit after tax for the nine months of the financial year ending in July 31 according to its financial report.

In a media release sent on Wednesday, Scotiabank said the reported profits represented $59 million or 13 per cent increase from the same period for 2021.

The release said, for the third quarter, Scotiabank earned $164 million after tax, $7 million more than the same period for 2021. The release said the improvement was mainly due to continued increases in core banking activity as people return to normal operating conditions following the lifting of covid19 restrictions.

The report said total revenue which comprised of net interest and other income stood at $1.4 billion for the period. It represented an increase of $133 million or 10 per cent over the same period last year.

“We continue to make our products and services more accessible and convenient for all our customers,” said Scotiabank TT Managing Director Gayle Pazos.

He said the bank launched a number of new products that would make banking with Scotia all the more convenient, such as the Basic Access deposit account aimed at supporting small and micro entrepreneurs and self-employed customers.

“These additions to our product offerings will deliver enhanced features to our customers while broadening their deposit capabilities, insurance protection and retirement options,” Pazos said.