Best bank: Scotiabank
Scotiabank has demonstrated remarkable consistency amid a very volatile economic period, reflecting the management team’s focus on initiatives to improve the productivity and efficiency of the bank.
AfE 2024
It has also been sharpening its proposition to the market and has boosted its position in both deposits and loans, with market shares hitting 25.7% and 21.2% respectively. Some sub-products saw even stronger growth, with the bank’s residential mortgage portfolio increasing by J$15.5 billion ($99.2 million) or 25% in the year, while the unsecured personal loans and credit card portfolio grew by J$7.7 billion or 9%. Greater loan underwriting was achieved without sacrificing credit policies – the bank’s non-performing loan ratio closed 2023 at 1.6%, comfortably below the average of 2.0% seen across the financial sector.
Total revenues grew by J$12.3 billion to J$55 billion, an increase of 28.6%.