The Bank of Nova Scotia Jamaica Ltd. (BNS) – Healthy second quarter results

BNS and its subsidiaries recorded a good second quarter performance, reporting net profit after tax of $377 million for the three months ended April 30, 1997, taking the net profit for the six months ended then to $848 million compared with $719 million for the same period last year.

This quarter’s profits was $94 million below the previous quarter’s which was boosted by a $64 million Group gain on the bank’s sale of its 50% share in the equity of Industrial Finance Holdings Ltd. to the Mechala Group.

Stockholders equity now stands at $4.7 billion, up to 32% from previous year. Mr. William Clarke, Managing Director, attributed the success of the Group to growth in all of its business lines.