March 4, 2026
Scotia Group Jamaica Limited (SGJ)
Unaudited financials for the first quarter ended January 31, 2026:
Scotia Group Jamaica Limited (SGJ) for the first quarter ended January 31, 2026, reported a 11% increase in interest income totalling $14.09 billion compared to $12.72 billion in the corresponding three months last year.
Interest expense amounted to $626.88 million (2025: $499.04 million), this represents an increase of 26% year over year. Consequently, net interest income increased by 10% to $13.47 billion compared to $12.22 billion for the first quarter ended January 31, 2025.
Net Interest Income after expected credit losses increased by 8% to close at $12.53 billion (2025: $11.62 billion).
Total insurance finance expenses decreased by 1% from $812.72 million in 2025 to $802.60 million for the three months, while Net Insurance Revenue for the first quarter amounted to $856.94 million, a 17% decrease relative to $1.03 billion reported in 2025. Also, total other income amounted $5.31 billion (2024: $4.71 billion).
Consequently, Total operating income for the three months amounted to $17.90 billion, an 8% increase relative to $16.55 billion reported in 2025.
Total operating expenses totalled $11.11 billion a 15% increase from the corresponding period last year. (2025: $9.69 billion).
As a result, profit before taxation for the first quarter ended January 31, 2026, amounted to $6.79 billion, a 1% decrease relative to $6.86 billion reported in 2025.
Taxation for the three months amounted to $2.67 billion (2025: $2.66 billion). As such, Net Profit for the three months amounted to $4.12 billion, a 2% decrease from the $4.20 billion reported in 2025.
Consequently, Earnings per share for the three months amounted to $1.32 (2025: EPS: $1.35). The twelve-month trailing EPS was $6.37, and the number of shares used in these calculations was 3,111,572,984.
“Scotia Group Jamaica delivered resilient Q1 2026 results despite the full impact of Hurricane Melissa, with President & CEO Audrey Tugwell Henry noting strong performance across all business lines and continued client support through the extended Client Assistance Programme. Total revenues rose 9.9% to $18.8 billion, while deposits grew 11.5% to $547.6 billion, reflecting sustained client confidence. Retail lending remained robust, with Scotia Plan Loans up 16% and the mortgage portfolio up 19% year over year. The Commercial segment advanced its strategy to deepen primary client relationships, achieving 12% deposit growth and 5% loan growth, supported by increased digital transactions. Scotia Investments posted a 9% rise in Assets Under Management, while the insurance businesses also performed strongly: SJLIC recorded 9% growth in Gross Written Premiums, and SGIA delivered exceptional gains with premiums up 52% and policy sales up 55% year over year,” SGJ highlighted.
Notably, SGJ’s stock price closed the trading period on March 03, 2026, at a price of $50.24 with a corresponding P/E ratio of 7.89x.
Balance Sheet Highlights
The company’s assets totalled $818.86 billion (2025: $739.25 billion). The growth in total assets was mainly driven by increases in Cash Resources by $40.15 billion and Loans by $40.76 billion.
Shareholder’s equity was $168.51 billion (2025: $150.68 billion), representing a book value per share of $54.15 (2025: $48.43).
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