Scotiabank continued to experience accelerated growth in the Trinidad & Tobago market last year by attracting, retaining and deepening more customer relationships. It launched key sales and services capacity generating initiatives, developed complementary business and enhanced its human capital to grow its top line sales while improving efficiency. It developed complementary businesses through investment and insurance products to assist customers in preparing for their long-term financial needs. The bank also ensured efficient operations to improve transaction speed, customer delivery and convenience.
Scotiabank actively explored business acquisition opportunities to build its asset base. These initiatives resulted in record net income earnings of $315.1m in 2006, representing 39% growth over the previous year. The bank boosted RoE to 25.05% from 20.72% and lowered its cost-income ratio to 41.93% from 45.55%.
The bank’s relationship with its customers does not end at the counter with the close of a transaction: its presence extends to the community, where it is involved in health care, sport and culture.
“Collecting the award for Bank of the Year 2007 for Trinidad & Tobago is tangible recognition of Scotiabank’s commitment to our stakeholders and to maximising shareholders’ returns,” says managing director Richard P Young. “Our strength lies in our people, who have enabled us to maintain a strong customer focus, financial stability, enviable growth and a premier position in the Trinidad and Tobago financial landscape.
“In 2008, we anticipate similar excellent results as we maintain our balanced approach to business. We will continue to practice our sales and service disciplines to deliver delightful customer service thereby deepening our customer relationships, as well as increasing our market share.”
