SDBG sees profits slip 14% for Q1

Scotia DBG also reported lower earnings in the first quarter. The group recorded a 14% decline in net profit to $467Mn ($1.10). Of note, the comparative quarter reflected pre JDX earnings and as such, the significant decline in yields on the securities portfolio since then has weighed on the company’s performance. Net interest income fell 27% to $730Mn. SDBG however continues to reap the benefits of growth in non interest revenue through it’s off balance sheet products and the trend should continue over the subsequent quarters. Furthermore, the group saw a reduction in costs during the quarter reflecting lower staff costs along with a general decrease in other operating expenses.