Scotiabank a global bank in the Americas, reported first quarter earnings of Ca$2.4 billion and diluted earnings per share (EPS) of $1.88, up 30 per cent over the last quarter and three per cent year over year.
The international banking segment, in which Jamaica falls, saw a 47 per cent uptick in net income.
The segment reported net income of $398 million, up 47 per cent quarter over quarter with increased earnings in several countries, quarter over quarter, above pre-pandemic levels.
Chief financial officer, Raj Viswanathan, said the bank carried “the positive momentum from the strong finish in 2020 into Q1” and delivered improved return on equity for the quarter of 14.4 per cent from 11.3 per cent in Q4.
“Our results reflect the significant investments we have made over the past several years…”– resident and chief executive officer, Brian Porter
Revenue was up eight per cent from last quarter and pre-tax paid provision earnings increased 11%.
Net interest income improved one per cent excluding the impact of divestitures and two per cent compared to the last quarter.
Non-interest income increased a strong 15% over Q4, driven by higher wealth management fees, banking and trading revenues.
On a year-over-year basis, expenses declined one per cent excluding the impact of divestitures.
This decrease was driven by lower personal costs, benefits from foreign currency translation and business development costs with offsets such as higher performance-based compensation.
Canadian banking had a strong quarter as the rebound in earnings continued with adjusted net income of $915 million, up 17% quarter over quarter.
Capital markets results benefited from continued strong performance in fixed income, complemented by improved performance in equities and foreign exchange.
President and chief executive officer, Brian Porter, commented, “Our results reflect the significant investments we have made over the past several years in key areas such as global wealth management, enhancing the bank’s digital capabilities, and improving our competitive position in core markets.
“We are well positioned to continue this positive earnings momentum in the future. And we have even greater flexibility for capital deployment to build on these results.”