Scotia Group Jamaica Reports Slight Increase in Profit

• Scotia Group reported a net income of $13.19Bn (EPS: $4.24) for the year ended October 31, 2019, a 3.3% increase over the outturn in its 2018 financial year.
• Net gains on FX activities (+$2.95Bn or 73.8%), insurance revenue, up $370.37Mn (or 12.6%) and net gains on financial assets (+ 27.2%) were the main drivers of the company’s performance. 
• The stock has risen by 1.2% since the start of the calendar year and closed Wednesday’s trading session at $55.48. It currently trades at a P/E of 13.1x earnings, which is below the Main Market Financial Sector average of 18.7x.

(Source: Scotia Group Jamaica Financials)