2013 Best Emerging Markets Bank
Scotiabank Jamaica provides best-in-class solutions – Global Finance Magazine
2013 Best Emerging Markets Bank in Jamaica award(April 10, 2013) Scotiabank has won the 2013 Best Emerging Markets Bank in Jamaica award from the Global Finance Magazine, a leading trade publication. Grouped within the Latin American region category, Scotiabank is one of 25 regional banks and one of six in the English-Speaking Caribbean, to have won this recognition.
The award is the result of the Bank's performance for fiscal 2012 in key areas such as: total assets, asset growth, market share, return on equity, earnings, competitive performance, and key developments within the period.
"We have been very disciplined and deliberate about sticking to our core business principles of prudent risk management, and playing to our strengths as we seek to fulfil our mission of helping our clients to be financially better off. We continue to innovate in the area of product development to better serve the diverse needs of our large and varied client base and are pleased that our efforts continue to earn us global recognition as the best bank in Jamaica," said Bruce Bowen, president and CEO of Scotiabank.
Scotiabank last year reported that all its business lines produced solid results with: growth in loans and deposits; decrease in credit losses and addition of new products by Scotia Insurance and Scotia Investments. Net income was $10.5B and earnings per share of $3.26 with Return on Average Equity of 16.11 per cent. Its asset base, as at January 2013, stood at $375B.
"Each region and individual country presents unique challenges for banks and their customers, especially under the difficult conditions global financial markets continues to face," said Joseph Giarraputo, publisher of Global Finance in a company issued press release.. "For this reason, customers must depend on excellence in execution from their banking partners. These are the banks that are providing best-inclass solutions for these distinctive markets."
Winners are selected by editors of Global Finance Magazine with input from industry analysts, corporate executives and banking consultants. Criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products.
Scotiabank also won the Best Emerging Bank Award in 2011 and 2012.
Manager: Public Relations and Corporate Affairs