Scotia Jamaica posts record US$910mn profit

Scotia Jamaica posted after-tax profit of J$5.45bn (US$910mn) this year through October, the highest profit ever reported by any company listed on the local stock exchange, local daily Jamaica Observer reported. The company's net income figure at end-October represented a 41% increase from the J$3.87bn profit registered at the same time last year. After the first 10 months of this year, Scotia's ROE stood at 34% with ROAE reaching a respectable 29.1%, the paper said. Scotia Jamaica Limited is a subsidiary of The Bank of Nova Scotia and the leading bank in Jamaica, offering retail and commercial services including electronic cash management services through 42 branches nationwide. Specialized services are offered through Scotia Jamaica Investment Management Limited, Scotia Jamaica Building Society, Scotia Jamaica Life Insurance Company and Scotia Jamaica General Insurance Brokers Limited.