Scotia T&T posts TT$455-million income
SCOTIABANK TT has posted income after taxes of TT$455.1 million for its year ended October 31, 2009.
This was an increase of 5.4 per cent over the comparative period a year earlier.
In published financial statements Scotiabank’s managing director Richard Young said the increases was notable in the context of the current economic environment both in the industry and the country.
The bank’s profitability was deflated by loan loss provisions which increased by TT$64.8 million in the bank’s current financial year, Young said.
“This increase was somewhat expected as a result of the challenging economic conditions that face all our customers and the worldwide economy,” he stated.
Scotiabank’s directors have resolved that the bank pay a fourth interim dividend of 25 cents per ordinary share on January 6, 2010 to shareholders on record as at December 7.
