Scotiabank’s $12b profit bonanza

Scotia Group Jamaica reported annual net profit that was just shy of $12 billion on Thursday in a return to profit levels last seen four years ago.



Jamaica’s second largest banking reported that it grew profit from $10.58 billion last year to $11.92 billion at yearend October 2013.



“Despite the challenging year that 2013 was, Scotia Group’s strong performance reflects our strategy of focussing on our core business while prudently managing risk and improving oeprating efficiencies,” said president and CEO Jacqueline Sharp.



Sharp took over as boss of the bank on September 1 in succession to Bruce Bowen. She was promoted from chief financial officer.



Scotia Group’s $12 billion bonanza eclipsed the disappointing performance at NCB, whose profits fell to $8.5 billion at yearend September.



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