June 6, 2025

Scotia Group Jamaica Limited (SGJ)

Unaudited financials for the six months ended April 30, 2025:

Scotia Group Jamaica Limited (SGJ) for the six months ended April 30, 2025, reported an 8% increase in Interest income totalling $25.19 billion compared to $23.31 billion in the corresponding period last year. Interest income for the second quarter had a 7% increase to close at $12.47 billion compared to $11.71 billion for the comparable quarter of 2024.

Interest expense amounted to $938.36 million (2024: $957.97 million), this represents a decrease of 2% year over year. Consequently, net interest income increased by 8% to $24.25 billion compared to $22.35 billion for the six months ended April 30, 2024. The company booked net interest income of $12.03 billion for the second quarter versus $11.25 billion reported for the similar quarter of 2024.

Net Interest Income after expected credit losses increased by 13% to close at $23.00 billion (2024: $20.32 billion).

Total insurance finance expenses increased by 18% from $1.32 billion in 2024 to $1.56 billion in the period under review, while net insurance revenue for the six months ended April 30, 2025, amounted to $1.85 billion, a 76% increase relative to $1.05 billion reported in 2024. Also, total other operating income for the period amounted to $8.86 billion (2024: $8.42 billion).

Consequently, total operating income for the six months ended April 30, 2025, amounted to $32.15 billion, a 13% increase relative to $28.47 billion reported in 2024. Total operating income for the second quarter amounted to $15.60 billion (2024: $14.58 billion).

Total operating expenses totalled $18.02 billion a 17% increase from the corresponding period last year. (2024: $15.46 billion).

Profit before taxation for the six months ended April 30, 2025, amounted to $14.13 billion, a 9% increase relative to $13.01 billion reported in 2024. Profit before taxation for the second quarter amounted to $7.27 billion (2024: $7.80 billion).

Taxation for the six months ended April 30, 2025, had a 10% increase to reach $4.93 billion (2024: $4.47 billion). As such, Net Profit for the six months amounted to $9.21 billion, an 8% increase from the $8.54 billion reported in 2024. For the second quarter, Net Profit was $5.00 billion (2024: $5.42 billion).

Consequently, Earnings per share for the six months amounted to $2.96 (2024: EPS: $2.74), while Earnings per share for the quarter totaled $1.61 (2024: EPS: $1.74). The twelve-month trailing EPS was $6.69, and the number of shares used in these calculations was 3,111,572,984.

Notably, SGJ’s stock price closed the trading period on June 05, 2025, at a price of $55.92 with a corresponding P/E ratio of 8.36x.

Balance Sheet Highlights

The company’s assets totalled $763.52 billion (2024: $676.51 billion). The growth in total assets was led by a $41.60 billion increase in ‘Loans’, followed by a $19.03 billion increase in ‘Investment securities’ and a $17.06 billion increase in ‘Retirement benefit assets’ during the period.

Shareholder’s equity was $155.91 billion (2024: $126.82 billion), representing a book value per share of $50.11 (2024: $40.76).

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