Scotia Group Jamaica Limited (SGJ) had a successful 3rd quarter, they made approximately $4 billion in profit, net of expenses, for the three months ending July 2022, which was 43 percent more than the approximately $2.8 billion it recorded for the similar period last year.
Net income grew 15 percent to $8.4 billion, over a similar period last year, and was 55 percent higher than in its April quarter this year, aided by improvements across all banking segments.
One major thing that was noteworthy within the statements was that they paid close attention to cost management. It is not clear how much of a role this played, if it was huge then we can say that it could be attributed to running a much “leaner” by focusing on the key segments that are necessary to drive growth and reduce interest in the others.
Total revenues, excluding expected credit losses for the nine months ended July 31, 2022, was $33.6 billion, an increase of $1.9 billion, or 5.9 percent, over the prior year’s comparative period, Scotia Jamaica reported.
Much of this increased revenue came from interest income, which grew by $3.3 billion or 19.7 percent, driven, the banking group said, by an increase in interest earned on its investment portfolio and improved retail loan volumes.
