The bank has introduced new products across every customer segment over the past 12 months, including insurance products, personal loans under the banner of ‘Scotialine’, and a corporate MasterCard.
Significant investment in infrastructure has enabled the bank to improve existing processes and has facilitated the addition of further new services. For example, in the past year it completed the testing of infrastructure needed to launch its first retail internet banking operations, and has installed a new call centre.
In business banking, Scotiabank launched its first business internet cash management service and reorginised its credit department to create a dedicated team and a suite of new products that will help to grow small business lending.
But neither capital strength nor cost control have been sacrificed to generate return on equity of more than 33%. In 2007, Tier 1 capital was increased by 20.3% and the cost-to-income ratio decreased from almost 50% in 2006 to 47.6% at the end of last year.
