Scotia Group Jamaica Limited
First Quarter Fiscal 2026 · Quarter Ended January 31, 2026 · Media Release
Scotia Group Delivers Strong Q1 Results Through Hurricane and Into Growth
Net income of $4.1 billion, a $818.9 billion asset base, double-digit loan growth across mortgages, consumer lending and commercial portfolios — and a 45-cent dividend — mark a resilient first quarter for Scotia Group Jamaica, even as the full impact of Hurricane Melissa was absorbed in the period.
Media Release · Audrey Tugwell Henry, President & CEO · March 3, 2026
Scotia Group reports net income of $4.1 billion for the quarter ended January 31, 2026. The Group delivered strong results, with its asset base expanding by $79.6 billion or 10.8% to $818.9 billion. Aligning with its objective to return value to shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the first quarter, payable on April 14, 2026, to stockholders on record as at March 23, 2026.
Q1 FY2026 At a Glance — Quarter Ended January 31, 2026
| Net Income | $4.1 Billion | Total Assets | $818.9 Billion (+10.8%) |
| Total Revenue (ex. credit losses) | $18.8 Billion (+9.9%) | Total Deposits | $547.6 Billion (+11.5%) |
| Net Loans Portfolio | $353.2 Billion (+13%) | Shareholders’ Equity | $168.5 Billion (+11.8%) |
| Earnings Per Share | 132 cents | Dividend Per Share | 45 cents |
| Return on Equity (annualised) | 10.33% | Return on Assets (annualised) | 2.01% |
President & CEO Commentary
“Our Q1 2026 results incorporated the full impact of Hurricane Melissa on the group’s operations. Notwithstanding the unprecedented scale of the disaster and significant damage across several parishes, all business lines delivered consistently strong performances in meeting our clients’ needs.”
Audrey Tugwell Henry · President & CEO, Scotia Group Jamaica
Business Performance
In support of clients affected by the hurricane, the Bank extended its Client Assistance Programme (CAP) to March 2026. The CAP offers payment deferrals to clients who request assistance to alleviate financial pressures during their recovery process.
Total revenues (excluding credit losses) of $18.8 billion reflected a 9.9% increase over the prior year. Total deposits increased to $547.6 billion, reflecting a significant year-over-year growth of 11.5%, signalling sustained client confidence in the Group. Furthermore, the Scotia Plan Loan portfolio expanded by an impressive 16%, while the mortgage portfolio recorded a substantial 19% growth over the previous year, demonstrating the Group’s strength in meeting client needs to finance the acquisition of key assets.
Loan Portfolio Growth — Year over Year
| Loan Category | YOY Growth | Commentary |
|---|---|---|
| Mortgages | +19% | Substantial growth in home financing activity |
| Consumer Loans (Scotia Plan) | +16% | Impressive expansion of retail lending portfolio |
| Credit Cards | +10% | Steady growth in card spending activity |
| Commercial Loans | +5% | Capital deployed to productive economy investments |
The Commercial segment continues to advance on the strategic objective to grow primary client relationships. This approach has delivered steady growth in deposits, which increased by 12% year-over-year, underpinned by rising transaction volumes through secure digital channels. Commercial loan growth of 5% year-over-year reflects ongoing support for the business sector, with capital deployed to facilitate investments in the productive economy.
Subsidiary Performance
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Scotia Investments Jamaica (SIJL) +9% AUM Assets Under Management grew 9% year over year, reflecting a robust investment management performance. SIJL was also recognised as Best Pension Fund Manager, Jamaica 2025 by World Finance. |
Scotia Jamaica Life Insurance (SJLIC) +9% GWP Gross Written Premiums increased by 9% over the previous year, reflecting continued growth in the life insurance business amid a challenging environment. |
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Scotia General Insurance Agency (SGIA) +52% GWP | +55% Policy Sales The standout subsidiary performance of the quarter. Gross Written Premiums surged 52% and policy sales grew 55% year over year — exceptional growth in the general insurance segment. |
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Group Financial Performance
Total Revenues
Total revenues excluding expected credit losses for the quarter grew by $1.7 billion to $18.8 billion, reflecting an increase of 9.9% over the previous year. This was primarily driven by strong growth in the loan portfolio, resulting in an increase in net interest income of $1.2 billion or 10.2%, coupled with an increase in other revenue of 7.5%.
Other Revenue
Other income (all revenue other than interest income) increased by $432 million or 7.5%, with the following key movements:
| Revenue Category | Amount | YOY Change | Driver |
|---|---|---|---|
| Net Fee & Commission Income | $2.7 Billion | +21.5% | Reduction in card expenses |
| Net Insurance Revenue | — | -16.6% | Lower contractual service margin releases |
| Net Gains on Financial Assets | $150.8 Million | -23.5% | Lower fair value gains on investment securities at FVTPL |
| Other Revenue | +$328.9 Million | +100%+ | Insurance proceeds from Hurricane Melissa |
Operating Expenses
Operating expenses totalled $11.1 billion, reflecting an increase of $1.4 billion or 14.7% versus the prior period. Annual asset taxes recorded during the quarter totalled $1.8 billion, an increase over 2025 of $100.9 million or 6%. Additionally, higher transaction costs and continued investments in technology contributed to the increase in other operating expenses. The Group continues to expand its digital capabilities geared towards simplifying and streamlining processes to make it easier for clients to do business.
Credit Quality
Credit Quality Remains Strong
Non-accrual loans (NALs) represent just 1.5% of gross loans — below the industry average of 2.7% (September 2025). Accumulated credit loss provisions provide 115.3% coverage of total non-performing loans.
The Group’s credit quality remains strong with no material changes year over year in total non-accrual loans. NALs as at January 2026 totalled $5.3 billion compared to $5.1 billion as at January 2025, representing 1.5% of gross loans (January 2025: 1.6%) and 0.7% of total assets. The Group’s accumulated credit loss provisions (ACLs) for loans as at January 2026 was $6.1 billion, representing 115.3% coverage of total non-performing loans.
Group Financial Condition
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Total Assets $818.9 Billion +$79.6B (+10.8%) driven by loan portfolio growth of $40.8B (+13%), higher cash resources of $40.1B (+22.6%), partially offset by lower investment securities of $17.1B (-9%). |
Cash Resources $217.7 Billion Year-over-year increase of $40.1B (+22.6%), driven by strong deposit growth. The Group maintains a strong liquidity position to respond effectively to cash flow requirements. |
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Net Loans $353.2 Billion +$40.8B (+13%) year over year. Core loan book performing well: mortgages +19%, consumer loans +16%, credit cards +10%, commercial loans +5%. |
Total Deposits $547.6 Billion +$56.6B (+11.5%) in core deposits, reflecting higher inflows from retail and commercial clients and signalling continued client confidence in the strength of the Group. |
Total liabilities were $650.3 billion as at January 2026, showing an increase of $61.8 billion or 10.5%, driven mainly by growth in client deposits. Asset management portfolios showed an increase of $21 billion or 9.4%, attributable to growth in Pension Funds, the Scotia Premium Money Market Fund, Scotia Premium Fixed Income Fund and the Caribbean Income Fund.
Insurance contract liabilities primarily relate to the flagship ScotiaMint product with a balance of $51 billion at January 2026, reflecting a year-over-year increase of $929 million or 1.9%. The Scotia Affirm segregated fund product continues to perform well, growing by $528 million or 27.8% year over year.
Capital Position
Shareholders’ equity available to common shareholders totalled $168.5 billion, reflecting an increase of $17.8 billion or 11.8% when compared to January 2025, due primarily to higher internally generated profits and re-measurement of the defined benefit pension plan assets.
The Group continues to exceed regulatory capital requirements in all business lines. Capital adequacy ratios across subsidiaries are as follows:
| Entity | Capital Adequacy Level | Regulatory Minimum | Headroom |
|---|---|---|---|
| Bank of Nova Scotia Jamaica (BNSJ) | 14.59% | 10.00% | +4.59% |
| Scotia Jamaica Building Society (SJBS) | 69.42% | 10.00% | +59.42% |
| Scotia Jamaica Life Insurance (SJLIC) | 430.69% | 100.00% | +330.69% |
| Scotia Investments Jamaica (SIJL) | 95.76% | 10.00% | +85.76% |
Awards & Recognitions
During the period, the Group was recognised by the Banker Magazine as Bank of the Year for Jamaica 2025, reflecting the Group’s ongoing commitment to excellence in financial services. Additionally, the Bank received honours at the Jamaica Stock Exchange annual awards ceremony, being named 1st Runner-Up for both Corporate Governance and Investor Relations. Scotia Investments Jamaica Limited was also recognised as Best Pension Fund Manager, Jamaica 2025 by World Finance, and the Group was named Best Bank in Jamaica 2025 by both Euromoney and Global Finance.
Environmental, Social & Governance (ESG)
Hurricane Melissa Relief
Between November 2025 and January 2026, Scotiabank Jamaica strengthened its ESG impact through decisive disaster relief and strategic investments in education. Following Hurricane Melissa, the Bank mobilised over 70 volunteers who contributed 263 volunteer hours assisting with food and care package preparation for affected families.
| Relief Initiative | Contribution | Focus Area |
|---|---|---|
| Food For The Poor | J$18 Million | Relief in St. James, Trelawny, Hanover and St. Elizabeth |
| World Central Kitchen | J$11.5 Million | Warm meals for storm-affected communities; volunteers assisted Christmas Eve distribution |
| Festive Food Packages | 1,200+ packages | Falmouth (Trelawny), Sheffield (Westmoreland) and Waterloo (St. Elizabeth) |
| United Way — Children in State Care | J$1 Million | Special treat for 210 children in state care at Carib 5 Cinema, Kingston |
| Teach to Transform — MultiCare Youth Foundation | J$10 Million | Literacy, life skills and psychosocial support at Haile Selassie High School |
Teach to Transform Programme
In January 2026, Scotiabank committed J$10 million to the MultiCare Youth Foundation to support the rollout of the Teach to Transform programme at Haile Selassie High School in Kingston. The programme is implemented over eight months through a dual-generation approach supporting both students and educators, with 40 students participating in structured life and employability skills training, 15 of the most at-risk students receiving targeted psychosocial support including cognitive behavioural therapy, and six teachers undergoing specialised literacy training using internationally recognised Lindamood-Bell® Learning Processes.
Scotiabank’s investments during the quarter align with its broader commitment to advancing education, employability and inclusive growth under ScotiaRISE, while supporting national development priorities outlined in Vision 2030 Jamaica and the Government of Jamaica’s Inter-Ministerial School Support and Safety Strategy.
“We are pleased with our first quarter performance and the meaningful contributions we have made to the communities we serve, and we remain confident in the opportunities ahead. We extend our sincere appreciation to our hardworking team, our valued clients and our shareholders for their continued trust and support.”
Reproduced from Scotia Group Jamaica Limited Q1 FY2026 Media Release (Quarter Ended January 31, 2026 — Unaudited) · Businessuite Online · businessuiteonline.com · March 3, 2026