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Scotia Group records profit at end of financial year

Scotia Group Jamaica ended its 2018 financial year with $12.8 billion  in profit. This was a three per cent   increase over last year.
 
Loan growth was at ten per cent.
 
Scotia Group says it recorded strong performance in its retail, small business and commercial portfolios.
 
Revenues from foreign exchange activities and expense management were the other drivers of  performance.
 
Meanwhile, Scotia Group's revenue for the year ended October 31 grew by $500 million  or one per cent to $42.2 billion .
 
There was increased loan and transaction volumes across its business lines which was offset by reduced net interest margins as a result of  lower interest rates.
 
Net interest income was $23.3 billion. down $1.2 billion  or 5 per cent when compared to 2017.


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