SGJ records a decline in earnings in Q1

Scotia Group Jamaica (SGJ) recorded a 4.2% decline in net profit for the first quarter. The group recorded Net profit of $2.6Bn (EPS: $0.83) compared to $2.8Bn (EPS: $0.86) in the same quarter last year. The decline in earnings was triggered by the decline in net interest margin as yields on the loan and securities portfolio were lower. The group’s Retail Banking arm was the star performer during the quarter reporting a 138% increase in operating profit. However, the Corporate Banking, Treasury and Investment Management segments recorded declines of 62%, 24% and 13% respectively.