As part of Scotia Group’s vision for 2018, the company plans to increase its loan book and invest more in technology. This was announced shortly after Scotiabank released its financial report for the first quarter of 2018.
For the three months ending January 31, Scotia Group Jamaica reported a $0.40 increase in earnings per share to $1.10. Net income increased by 54 percent from $2.2 billion to $3.4 billion this year, which included a $753 million gain from the sale of Scotia’s microfinance business, CrediScotia, to Lasco Financial Services. Total revenue for the 2018 first quarter was $11.59 billion, up from $10 billion for the corresponding period in 2017.
However, Scotia’s loan book decreased from $168.2 billion last year to $167.5 billion, but the company is optimistic that they can improve. Whilst not releasing a loan growth target, Scotiabank believes there are various opportunities to take advantage of in the banking industry for improved performance next year.
Additionally, Scotiabank is looking to move more service offerings to its online platforms to avoid constructing physical locations. Plans are being put in place to improve branch networks. This decision was made as the company reported that online transactions surpassed in- branch transactions for the first time last year.
We strongly recommend investors to buy Scotia Group as the company continues to boast the number 2 spot in the local banking industry.
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