Best bank: Scotiabank
With economic growth softening in Trinidad and Tobago – this year GDP is expected to come in at 2.2% compared to 2.5% in 2023 – Scotiabank continues to outperform other banks in the local market. Led by country manager Gayle Pazos, Scotiabank’s focus on digital transformation saw improvements in its platform relating to accessibility upgrades and security enhancements. The significant investment from the bank in this area over the past three years is helping to deliver efficiency and, in turn, stronger financial results.
AfE 2024
Meanwhile Scotiabank is also focusing on diversifying its business lines to provide stable earnings growth. The bank’s corporate and commercial segment saw solid loan and deposit growth, with loans up by 8% (translating into a 38 basis point increase in market share) and the insurance division saw a 24% uplift in net income.
Scotiabank’s