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Scotiabank net earnings increase by 11.7% last year despite Financial Crisis

Mar 08, 2010 News

Of all the banks that maintained a presence in Guyana, the Bank of Nova Scotia, a multinational giant in the financial world was the only bank that had a place in the top 10 most stable banks of the world during the recent financial crisis.
This ability to perform consistently has apparently filtered down to the local arm of the bank and brought with it a sense of relief for local investors and customers as the financial summary for the previous year was released.
The company’s assets increased by approximately $4B in 2009 over 2008 with almost 60 per cent of this increase attributed to loans and advances issued for the year, items upon which the bank will earn corresponding interest.
When this is combined with the interest generated from savings and time deposits, the Bank saw $3B in interest earnings.
However, factoring in provisions for loan losses, net of recoveries in the area, round out the Bank’s interest generated income to $2.4B.
Incurred expenses to the tune of $1.5B reduced the bank’s net income to $2.35B.
In 2009, Scotiabank Guyana paid out $1.2B in taxes bringing the bottom line figure to $1.16B, corresponding to an 11.7 per cent increase in net income for 2009 over 2008.

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