Tuesday 24 November, 2020

Scotia's Q3 profit cut in half by COVID mitigation measures

The financial conglomerate made $2 billion in net profit between May and July 2020 compared with $5.5 billion in the corresponding period of 2019.

The financial conglomerate made $2 billion in net profit between May and July 2020 compared with $5.5 billion in the corresponding period of 2019.

The mitigation measures to stem the spread of the pandemic reduced profit at Scotia Group Jamaica by half in the July 2020 quarter.

The financial conglomerate made $2 billion in net profit between May and July 2020 compared with $5.5 billion in the corresponding period of 2019.

“The effects of COVID-19 on the world and on our business are unparalleled. Despite the challenges, we continue to deliver commendable results, while continuously innovating to provide solutions for customers. Health and safety remain our top priority as we manage through this crisis,” said David Noel, President and CEO of Scotia Group.

Scotia’s overall loan portfolio grew by 12 per cent largely due to the strong performance of the commercial banking unit which grew by 24 per cent versus prior year. The retail loan growth was five per cent year over year which included strong mortgage growth of 16 per cent.

Its investment business delivered modest growth despite the prevailing conditions with an increase in assets under management of four per cent year over year.

“We will continue to focus on staying close to our customers and offering them the best advice to navigate the uncertainty of the market,” Noel said.

Revenue for the quarter totalled $7.8 billion compared to $11.2 billion in 2019. Shareholder equity stands at $110 billion compared to $118 billion in December 2019.

 

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