Bank of Nova Scotia jamaica
An impressive performance, both in terms of profits and efficiency, enabled Bank of Nova Scotia (BNSJ) to earn the title of best bank in Jamaica.
BNSJ, which has a dominant market position, raised net profit more than 8% in 2002 and finished the year with a ROE of 31%. Its assets rose by 20%, while its cost-to-income ratio totalled 55%, highlighting its efficiency.
Building on its dominant market position, BNSJ last year opened a private banking office in Kingston to cater to the needs of affluent customers.
To offer a better service to its retail customers, it extended branch banking hours and installed several new cash machines. BNSJ’s market share of deposits is 42%, while that of loans is 53%.
Thanks to the roll-out of new technology, the bank also cut down on delinquency and on processing time for applications. Its Computer Output to Laser Disc initiative provided instantaneous archiving and retrieval of customer information.
“This award recognises an outstanding team of people that has made Scotiabank the leading bank in Jamaica,” said managing director William Clarke.
“Our continual focus on our customers, delivering innovative financial products and leveraging the latest technology drives the growth of our business. Scotiabank now boasts one of the most modern state-of-the-art online banking systems in Jamaica.”
