Euromoney Awards recognize Scotiabank Jamaica as Best Bank for 2^nd consecutive year

Kingston, Jamaica – August 8, 2024 - Scotiabank is proud to announce that it has been named Jamaica's Best Bank for 2024 by the Euromoney Awards for Excellence for the second consecutive year. This esteemed recognition, which marks the third international honour won by Scotiabank Jamaica since 2024, underscores the bank's unwavering commitment to providing exceptional financial services and contributing to the economic and social development of Jamaica.

Euromoney's annual awards are regarded among the highest distinctions for banks globally, with submissions from over 600 banks across 100 countries. The honour of being named Jamaica's Best Bank was announced at a distinguished ceremony in London on July 18, 2024, where Euromoney also celebrated the achievements of the world’s top financial institutions with a dinner.

Lauding the financial institution on its consistency, Euromoney on its website shared, “Scotiabank has demonstrated remarkable consistency amid a very volatile economic period reflecting the management team’s focus on initiatives to improve the productivity and efficiency of the bank. It has also been sharpening its proposition to the market.”

Scotiabank Jamaica has been a cornerstone of the Jamaican financial landscape for over a century, playing a vital role in the country's economic development. The bank's initiatives in community development, financial literacy, and small business support have made a significant difference in the lives of many Jamaicans.

Scotia Group Jamaica President and CEO, Audrey Tugwell Henry, said "We are deeply honoured to be recognized as Jamaica's Best Bank. This award reflects the dedication and hard work of our team, who strive every day to exceed our clients’ expectations and support them to attain their financial goals. We remain committed to delivering world-class customer service while maintaining high standards of operational efficiency and generating sustainable growth.” The Euromoney website also noted the Bank’s healthy jump in revenues, detailing that total revenues grew by J$12.3 billion, an increase of 26.8%. This significant growth was primarily driven by an increase in net interest income of J$8.8 billion, stemming from a larger loan portfolio, as well as higher insurance revenues, gains on foreign currency activities, and increased fee and commission income due to better transaction volumes during 2023. In total, Scotiabank reported net income of J$17.3 billion in 2023, representing an increase of 67% compared with the previous year.

In addition to this significant local achievement, Scotiabank has also been named the World's Best Bank for Corporate Responsibility and Canada's Best Bank. These accolades highlight Scotiabank's commitment to responsible banking practices and its leadership in the financial sector. Euromoney's Best Bank for Corporate Responsibility recognition at the global and regional level evaluates a financial institution's commitment to fostering diversity and inclusion, reducing the environmental impact of operations, and implementing innovative and effective initiatives to strengthen local communities.

Scotiabank also claimed the 2024 Euromoney Award for Best Bank award in Chile, The Bahamas and Trinidad and Tobago