Scotiabank reported a strong second quarter for 2018 compared to the same period last year, with net income going up to US$2.2 billion in 2Q18 from US$2.1 billion in 2Q17. The return on equity remained stable at 14.9 percent. This was mainly attributed to a diversified business model and investments in digital banking and customer experience.
In Mexico, the income went up to US$160 million in 2Q18 from US$112 million in 2Q17 but suffered slightly compared with the US$165 million recorded in 1Q18. The average assets in the country increased to US$33 billion in 2Q18, compared with the US$31 billion the previous quarter and US$28 billion the same period in 2017.
Effective May 2018, the bank acquired a leading Canadian investment firm, Jarislowsky Fraser, which has a strong wealth management business division. “We are pleased with the performance of our businesses this quarter, which demonstrates the strength of our personal and commercial businesses, both in International Banking as well as in Canada,” said Brian Porter, President and CEO of Scotiabank. The bank also announced upcoming acquisitions in Chile, Peru and Colombia to improve its presence in the Pacific Alliance region.
International Banking had a strong performance driven by an improved credit performance, the momentum of the Pacific Alliance region and productivity gains. “We are pleased with our performance over the first half of 2018,” said Porter. “We are committed to making the investments to build a better bank for our customers across our footprint, which will drive continued growth for the bank.”