This strategy is clearly working. In 2007, Scotiabank’s net profits were up by 52%, assets grew by 24% and return on equity was 27%. Yet the bank also managed to grow Tier 1 capital by 36% and keep its cost-to-income ratio in check at 45%.
During the past 13 months, the bank has added two new branches, bringing its country network to 11. The branch in Spanish Lookout is a particular achievement as Scotiabank is the only commercial bank to be invited to do business in this traditional Mennonite community.
Scotiabank is also investing heavily in technological development. Its data centre consolidation has created new capacity, improved efficiency and reduced operational risk, enabling the bank to upgrade systems and implement new product lines.
The result is an overall improvement in customer satisfaction, which the bank quantifies using the Net Promoter Score; it measures the number of customers who would refer the bank to friends, family and associates. Scotiabank’s NPS score in Belize is 67%.
“Over the past 40 years, Scotiabank has established strong and reliable relationships with the country, and the people of Belize,” says vice-president and managing director Pat Andrews. “Our international strength, combined with the experience and insight of our local staff is key to our ongoing success. We are committed to helping the people of Belize become financially better off and to serving the communities in which we live and work.”
