Awards for Excellence 2009: Jamaica
Best Bank: Scotiabank Jamaica
Scotiabank Jamaica has had another good year, and not just because its parent company has weathered the storm back in Canada. Its first-quarter net income this year was up 14% over the same period in 2008, with a return on equity of 25.3%. Deposits grew $7.4 billion in the first quarter, taking total deposits to $149 billion, reflecting confidence in the bank.
Financials aside, Scotiabank has shown its commitment to Jamaica over a difficult economic period, supporting the government, retail customers and small businesses.
Perhaps the biggest testament to Scotiabank’s commitment was the $100 million loan that the bank issued to the government of Jamaica to help it fund a €200 million Eurobond repayment due in February.