Scotiabank’s Caribbean operations delivered exceptional financial growth, market‑leading credit expansion and cutting‑edge digital transformation.
In Jamaica, Scotiabank has demonstrated robust topline growth and strategic innovation over the review period. The bank recorded a net profit of J$20.2 billion ($126 million) – a 17% increase year-on-year – fuelled by a 16% expansion in its loan portfolio, including a 27% rise in residential mortgages and a 12% uptick in commercial lending. This surge not only boosted credit market activity but also drove a notable improvement in efficiency, as the cost-to-income ratio fell from 52.06% to 49.76%.
Additionally, Scotiabank introduced Jamaica’s first fully digital deposit account onboarding platform, slashing account‐opening times from one hour to 15 minutes and setting a new benchmark for customer experience and operational agility.
The bank’s Trinidad & Tobago business, similarly, combined aggressive growth with disciplined risk management and sustainability leadership. Last year saw the highest single-year loan growth in the lender’s history in the country at TT$2.1 billion ($309 million) – or 12% – while keeping non-performing loans under 2%.
In the Bahamas, Scotiabank has demonstrated exceptional financial resilience alongside pioneering customer-centric innovations
This lending momentum was matched by a digital transformation that has redefined client engagement in the country: digital account sales soared by 236%, real-time forex transfers were introduced for the first time locally, and merchant kiosks now enable unmanned, instant payments.
“We are committed to it making easier to do business with us and continue to use analytics and technology to enhance our products and services” says Gayle Pazos, senior vice president and managing director with the bank’s Trinidad & Tobago operations. “Recent innovations include a digital onboarding process for unsecured credit cards and loans; the introduction of digital insurance offerings via our mobile app; and enhancements to our merchant services, with a proprietary payment solution for clients to now accept and process payments through self-check and kiosk services. We are encouraged by the progress we have made, with our digital adoption rate at a record 57%.”
In the Bahamas, Scotiabank has demonstrated exceptional financial resilience alongside pioneering customer-centric innovations. Throughout 2024, it delivered its strongest profitability in 16 years, sustaining a return on equity of approximately 22.4% for the thirteenth straight quarter, thanks to a multi-year strategy focused on diversifying revenues and streamlining costs.
Parallel to this performance, the bank unveiled The Bahamas’ first fully digital deposit account onboarding process, reducing branch processing times by 75% and greatly expanding access for retail clients.
