Scotia Group’s Focus On Core Business Lines Brings In $307 Billion In Deposits For First 6 Months of 2019


Scotia Group Jamaica says Jamaicans are saving more with the company.

The group is reporting an 8% increase in deposits this year, compared to the similar period last year.

The bank says deposits increased to $307 billion, up from $283 billion in the previous year.

Scotia says this $24 billion growth in core deposits came from both retail and commercial customers.

It says the growth signals continued confidence in the strength of the Group.

Meanwhile, the bank is also reporting a 42% increase in net income for the second financial quarter of this year.

The company recorded net income of $3.3 billion for the period.

That’s $965 million more than the first quarter ended January 31, 2019.

It brings the group’s net income to $5.6 billion for the six months ended April 30, 2019 compared to $6.7 billion for the corresponding period last year.

David Noel is President and CEO of Scotia Group Jamaica.

He says among the investments is a push to improve customer service.

David Noel, President and CEO of Scotia Group Jamaica.

Neika Lewis is an award-winning journalist with over 7 years of experience across radio, tv and the print media. A CARIMAC alum, Neika copped the Prime Minister’s Youth award for journalism in 2017. Her reporting on a Jamaican pilot incarcerated in Qatar in 2015 led to his release. Neika hunts for human interest stories.

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