In a year in which revenue inflows were almost flat in total and new asset tax expenses were imposed, Scotia Group reported net income of J$10.1 billion, down somewhat from restated net income of $10.8 billion for 2014.

For the year ended October 31, 2015, total revenue was $36.5 billion, an increase of $1.06 million or 3.0 per cent over 2014.

The finance house is still tracking behind rival National Commercial Bank (NCB) Jamaica Limited which made net profit of $12.30 billion from revenue of $47.5 billion for the financial year ended September 30, 2015.

For Scotia Group earnings of $3.19 per share was down two per cent on the year before. NCB reported earnings per share of a static $5.0, compared to $5.01 in 2014.

Scotia Group indicates results overall were impacted by higher asset tax expense of $803 million from the adoption of IFRIC 21, levies, as well as the increase in the asset tax rates imposed in May 2014.

The group paid out $6.8 billion in asset tax compared to $6.24 billion the year before. The other expense which grew were salaries, for which $10.65 billion were paid out compared to $10.34 the year before.

Net fee and commission income improved to $3.2 billion, up from $2.3 billion in the financial year ending October 2014. Foreign currency gains also improved from $1.9 billion in 2014 to $2.2 billion this year. Net interest income was flat at $22.9 billion, comparatively.

Jackie Sharp, president and CEO, said core business lines performed creditably year over year, including loan portfolios which grew $8.8 billion or 6 per cent. Deposits grew $18.7 billion or 10 per cent during 2015.

Sharpe also cited growth in revenues from core insurance and asset management business lines. Scotia Investments at the end of October 31, 2015 grew funds under management by 15.47 per cent to $111.5 billion year over year.

Total assets for the banking group increased year over year by $25.9 billion, or 6.4 per cent, to $433 billion to the end of the 2015 financial year.

Loans, after allowance for impairment losses, amounted to $154.5 billion. Non-performing loans (NPLs) totalled $4.5 billion, representing 2.88 per cent of total gross loans down from 3.32 per cent last year, and 3.1 per cent as at July 31, 2015.

The group’s aggregate loan loss provision as at the year end was $5.1 billion.

Sharp said the group’s strong increased capital adequacy would allow it to take advantage of growth opportunities.

Final quarter dividend of 42 cents per stock was approved for payment on January 15, 2016, to stockholders on record at December 23, 2015.