Business

Scotiabank reports $644 million after-tax income

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%.

Sunwing's proposed Toronto-Tobago flights a mystery

Minister of Works and Transport, Rohan Sinanan says Sunwing Airline Inc has made no application to operate direct flights between Tobago to Toronto, despite the airline saying it will begin service on December 20.

The minister was asked about it at today's sitting of the Senate.

He said that before any airline can operate in T&T's fly-zone, permission must be granted by the Civil Aviation Authority and adds that since no application has been made, then no permission has been granted.

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