By Ryan Hamilton-Davis

Copyright newsday

SCOTIABANK TT has reported a profit after tax of $531 million for the nine months ended July 31.

This represents an increase of $43 million or nine per cent over the same period the year before, when it earned $488 million.

The bank’s profits were revealed in the company’s consolidated financial report shared on September 9.

For the period, the bank recorded an increase in total revenue of $120 million or eight per cent, driven mainly by growth in net interest income of $93 million or nine per cent.

This increase was attributed to continued expansion in the loan balances in both retail and commercial segments, as well as an increase in investment income.

Loans to customers also grew by $700 million or three per cent.

Other income increased by $27 million or seven per cent, driven by growth in core business activities across all segments.

Scotiabank TT also realised significant asset growth, reporting a growth of $1.5 billion or five per cent.

The bank saw an increase in deposits with customers, which grew by $1 billion or four per cent. Digital adoption increased to 57 per cent.

Scotiabank TT said the improved profitability resulted in an increased return on equity of 15 per cent and a 2.3 per cent increase in its return on assets.

In her statement, managing director Gayle Pazos said the positive results were driven by core revenue growth, expense control, robust strategies and market positioning.

“Apart from leveraging digital advancements within the retail and corporate/commercial segments, we have focused on improving our product and rate offerings in selected areas to provide better opportunities for our clients,” Pazos said.