Scotia profits down

Scotia Group Jamaica Limited reported profit of J$7.687 billion in the nine-month period ending July 31, a decline of 11 per cent from J$8.6 billion in the comparative 2009 period, much of which the bank blamed on the debt-exchange programme.

For the third quarter, net income was $2.309 billion, which was J$295 million below the quarter ending April 30.

Earnings per share for the period was J$2.40, compared to J$2.68 for the same period last year.

The commercial bank and the insurance business each contributed more than J$3 billion each to nine-month profit.

Scotia Group has declared interim dividend of 37 cents per share based on these results.