March 12, 2020
David Noel, Chief Executive Officer (CEO) of Scotia Bank opened his speech with a review of the Group’s financial performance for the year ended October 2019. The CEO highlighted the following:
- Revenue increased to 45.2 billion (excluding expected credit losses).
- Total operating expense of 24.1 billion relative to $22 billion in 2018.
- A Strong Productive ratio of 53.24%.
- Net profit of 13.28 billion.
- Annual dividend of 4.76 per share.
- Total loan portfolio growth 12.6%
Notably, Mr. David Noel mentioned that, “low interest rates are good for customers, business growth and the economy. And the reduction in interest rate for the financial year had a one billion dollar impact on revenue.”
In 2019 the Group upgraded its ATM within in the Caribbean, and as a result, the machines are move user friendly and allows customers to carry out more functions.
Mr. Noel also proudly announced the Group’s online banking mobile app which was launched today, as well as the implementation of a factory to focus on digital transformation. The CEO also earmarked renovation works on its Downtown branch which is, “currently the only cutting edge bank in the country”. The renovation works with see an improvement in the customer’s experience which will involve a digital table, and changing branch operations to better satisfying customers.
He highlighted the 5 year change in digital transaction versus traditional banking. Currently digital transaction contributed more than half of the total transactions dealt with over the years, while and only 10% of the transaction take place in a branch according to the CEO.
Looking forward, Mr. David Noel voiced the Group’s dedication in development and satisfying customers through structural transformation; which entails;
- Focus on core Business
- Digital transformation
- Head office modernization
- Branch Network optimization
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