Scotiabank Trinidad and Tobago Ltd (Scotiabank) today reported income after taxation of $644 million for year ended 31 October 2018, a decrease of $13 million or 2% over the comparative period last year.
Scotiabank says this reduction in profitability was driven by the increased corporation tax rate levied on commercial banks at 35%, combined with higher levels of loan loss provisioning.
It says it continues to highlight its financial strength with Return on Equity at 16.05% and Return on Assets at 2.69%.
Based on this performance, the Board of Directors has approved a final dividend of 150 cents per ordinary share for the quarter.
This final quarter dividend is payable on 14 January 2019 to shareholders on record as at 14 December 2018.
In commenting on the results, Stephen Bagnarol, Managing Director said: “I am pleased to report that Scotiabank has once again delivered another year of good financial results. Despite challenging market and economic conditions, our Net Profit before Taxation closed at $963 million, $29 million or 3% higher than the previous year. Strong profitability year over year is a testament to the confidence that our customers have placed in us, as well as the hard work and dedication from our team.