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 the 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, which is payable on April 14, 2026, to stockholders on record as at March 23, 2026.
Commenting on the Group’s performance, President and CEO, Audrey Tugwell Henry, said: “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.
“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, Scotia Plan Loan portfolio expanded by an impressive 16%, while the mortgage portfolio recorded a substantial 19% growth over the previous year, demonstrating its strength in meeting client needs to finance the acquisition of key assets.
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 our secure digital channels.
“Additionally, our commercial loan growth of 5% year-over-year reflects our ongoing support for the business sector, with capital deployed to facilitate investments in the productive economy,” the bank said.
Scotia Investments Jamaica Limited (SIJL) delivered a robust performance with Assets Under Management increasing by 9% year over year. Scotia Jamaica Life Insurance Company (SJLIC) reported an increase in Gross Written Premiums of 9% over the previous year. Scotia General Insurance Agency (SGIA) also performed well, with Gross Written Premiums increasing by 52% and policy sales increasing by 55% year over year.
CREDIT QUALITY
The group’s credit quality remains strong with no material changes year over year in total non-accrual loans (NALs). Non-accrual loans (NALs) as at January 2026 totalled $5.3 billion compared to $5.1 billion as at January 2025.
The group’s NALs represent 1.5% of gross loans (January 2025 – 1.6%) and 0.7% of total assets (January 2025 – 0.7%). Of note, the group’s NALs as a percentage of gross loans continue to be below the industry average, September 2025 – 2.7%. The group’s accumulated credit loss provisions (ACLs) for loans as at January 2026 were $6.1 billion, representing 115.3% coverage of total non-performing loans.
GROUP FINANCIAL CONDITION ASSETS
The Group’s asset base grew by $79.6 billion or 10.8% to $818.9 billion as at January 2026. This was predominantly as a result of the significant growth in our loan portfolio of $40.8 billion or 13%, higher cash resources held up $40.1 billion or 22.6%, higher taxation recoverable of $2.5 billion or 54.2%, higher carrying value for the retirement benefit asset of $7.5 billion and higher sundry assets of $3.3 billion partially offset by lower investment securities of $17.1 billion or 9%.
CASH RESOURCES
“Our cash resources held to meet statutory reserves and the group’s prudential liquidity targets stood at $217.7 billion and reflected a year-over-year increase of $40.1 billion or 22.6%, driven by strong growth in deposits,” the bank said.
“The group maintains a strong liquidity position, which enables us to respond effectively to changes in our cash flow requirements.
“Our loan portfolio increased by $40.8 billion or 13% compared to January 2025, with loans net of allowances for credit losses increasing to $353.2 billion. Our core loan book continues to perform well with mortgages increasing year over year by 19%, consumer loans by 16%, credit cards by 10% and commercial loans by 5%.”
Total liabilities were $650.3 billion as at January 2026 and showed an increase of $61.8 billion or 10.5%. The increase noted was driven mainly by the growth in client deposits.
DEPOSITS
Deposits by the public increased to $547.6 billion. The $56.6 billion or 11.5% growth in core deposits was reflected in higher inflows from our retail and commercial clients, signalling our clients’ continued confidence in the strength and safety of the Scotia Group.
CAPITAL
Shareholders’ equity available to common shareholders totaled $168.5 billion and reflected an increase of $17.8 billion or 11.8% when compared to January 2025. This was due primarily to higher internally generated profits, re-measurement of the defined benefit pension plan assets, partially offset by lower fair value gains on the investment portfolio.
“We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities,” the bank said.