September 11, 2026

Scotia Group Jamaica Limited (SGJ)
Unaudited financials for the nine months ended July 31, 2026

Scotia Group Jamaica Limited (SGJ) for the nine months ended July 31, 2026, reported an 11% increase in interest income totalling $42.58 billion compared to $38.47 billion in the corresponding period last year. Interest income for the third quarter had a 10% increase to close at $14.67 billion compared to $13.28 billion for the comparable quarter of 2025.

Interest expense amounted to $1.82 billion (2025: $1.50 billion), representing an increase of 21% year over year. Consequently, net interest income increased by 10% to $40.76 billion compared to $36.97 billion for the nine months ended July 31, 2025. The company booked net interest income of $14.02 billion for the third quarter versus $12.72 billion reported for the similar quarter of 2025.

Expected credit losses climbed 16% to $2.54 billion (2025: $2.20 billion). As such, net interest income after expected credit losses increased by 10% to close at $38.22 billion (2025: $34.77 billion).

Total insurance finance expenses increased by 3% from $2.32 billion in 2025 to $2.41 billion in the period under review, while net insurance revenue for the nine months ended July 31, 2026, amounted to $2.50 billion, a 4% decrease relative to $2.59 billion reported in 2025, which management attributed to lower contractual service margin releases.

Total other operating income for the period amounted to $15.51 billion (2025: $13.37 billion), driven by a 28% increase in net fee and commission income to $7.51 billion, a 39% increase in net gains on financial assets to $534.28 million, and a jump in other revenue to $501.91 million (2025: $125.04 million) on insurance proceeds relating to Hurricane Melissa and higher realised gains on the sale of fixed assets. Net gains on foreign currency activities were broadly flat at $6.96 billion (2025: $7.01 billion).

Consequently, total operating income for the nine months ended July 31, 2026, amounted to $53.82 billion, an 11% increase relative to $48.40 billion reported in 2025. Total operating income for the third quarter amounted to $18.36 billion (2025: $16.25 billion).

Total operating expenses totalled $29.59 billion, a 13% increase from the corresponding period last year (2025: $26.18 billion). Salaries and staff benefits accounted for $11.51 billion (2025: $10.67 billion), while other operating expenses rose 19% to $13.62 billion (2025: $11.43 billion) on higher transaction costs and continued technology investment. Asset tax booked for the period was $1.80 billion (2025: $1.69 billion).

Profit before taxation for the nine months ended July 31, 2026, amounted to $24.23 billion, a 9% increase relative to $22.23 billion reported in 2025. Profit before taxation for the third quarter amounted to $8.83 billion (2025: $8.09 billion).

Taxation for the nine months ended July 31, 2026, had an 8% increase to reach $8.05 billion (2025: $7.46 billion). As such, net profit for the nine months amounted to $16.18 billion, a 10% increase from the $14.76 billion reported in 2025. For the third quarter, net profit was $6.10 billion (2025: $5.55 billion).

Consequently, earnings per share for the nine months amounted to $5.20 (2025: EPS: $4.74), while earnings per share for the quarter totalled $1.96 (2025: EPS: $1.79). The twelve-month trailing EPS was $6.85, and the number of shares used in these calculations was 3,111,572,984.

Notably, SGJ’s stock price closed the trading period on September 10, 2026, at a price of $57.88, with a corresponding P/E ratio of 8.45x.

Balance Sheet Highlights

The company’s assets totalled $853.19 billion (2025: $752.76 billion), a 13% increase year over year. The growth in total assets was led by a $54.44 billion increase in loans, net of allowances for credit losses, to $395.02 billion, followed by a $20.76 billion increase in the retirement benefit asset to $38.35 billion, a $14.26 billion increase in investment securities to $182.02 billion, and an $11.59 billion increase in cash resources to $203.56 billion.

Total liabilities amounted to $678.63 billion (2025: $605.83 billion), a 12% increase driven mainly by deposits by the public, which grew 12% to $577.46 billion. Insurance contract liabilities stood at $52.20 billion (2025: $50.86 billion).

Shareholders’ equity was $174.56 billion (2025: $146.93 billion), representing a book value per share of $56.10 (2025: $47.22).

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