Half Year Earnings Plummets at Scotia Group Jamaica

• Net profit at for the 6 months ending April 20, 2020, totaled $4.02Bn (EPS: $1.29), down 28.4% (or $1.60Bn) relative to $5.61Bn (EPS: $1.80) reported for the corresponding period in 2019.
• An 8.4% (or $1.74Bn) decrease in net operating income was the primary contributing factor to the decline in the company’s bottom line. This was supported by, fees and commissions income, net interest income after expected credit losses, net gains on financial assets and other revenue which declined 16.2% (or $665.35Mn), 10.0% (or $1.09Bn), 21.4% (or $78.96Mn) and 90.7% (or $183.63Mn), respectively.
• Scotia’s stock has declined 19.5%% since the start of the year, and closed trading at $44.68 on Monday. The stock currently trades at a P/B of 1.24x, which is below the Main Market Financial sector average of 1.78x.

 (Source: SGJ Financials)