Scotia profits double in 2021

Scotiabank scored substantially on its Barbados operation last year, doubling its profits for the 12 months ending October 31, 2021.

It was a marked turnaround from the 2020 position when Scotiabank Barbados recorded an after-tax profit of $25.05 million. For the 2021 period, the financial institution, which has been operating on the island since 1956, registered a dramatic increase in total comprehensive income, reaching $60.75 million.

The audited financial summary which was signed by chief executive officer Suzette Armoogam-Shah and chief financial officer Colleen Cyrus, showed Scotiabank Barbados was able to significantly cut its interest expenses from $879,000 in 2020 to $268 000 last year.

At the same time, net interest income rose from $81.83 million in 2020 to $101.36 million for the 2021 financial year. The bank’s total revenues from the Barbados operations jumped from $109.61 million in 2020 to $143.56 million last year.

Scotiabank, which has been disposing of assets across the Eastern Caribbean, had total assets in Barbados of $2.74 billion at the end of the last financial year. The Bank’s auditors KPMG gave the financial institution a clean report.
(IMC1)