Sunday 20 June 2021

Scotiabank Earned Half Its Profits in Latin America

Bank of Nova Scotia, which has touted Latin America as an engine for growth, has lagged its Canadian peers over the past two years as sentiment soured on emerging markets.

The bank, with operations in more than 55 countries in Mexico since 1967, and consumer-lending operations in countries including Costa Rica, El Salvador, Panama, Uruguay and across the Caribbean, earned almost half its profit from outside Canada last year, according to its annual report. Earnings from Scotiabank’s operations in Mexico and Peru contributed 11 percent toward the firm’s total profit last year.

[su_column size=”1/3″]Scotiabank Costa Rica, a subsidiary of  the Canadian multinational financial services, was established in the country in 1995 and now has over 1,200 employees.

- Advertisement -

The day-to-day banking products include current accounts, savings accounts, credit cards, and a variety of loans. Their head office is is La Sabana Norte, diagonal to the National Stadium, San José[/su_column]Latin America is a key part of Scotiabank’s international banking operations. Porter, who took over as head of Canada’s third-largest lender by assets on Nov. 1, identified Mexico, Peru, Chile and Colombia as offering the greatest growth opportunities outside Canada in a March 5 interview at Bloomberg’s New York headquarters.

The relationship between the Latin America index and Scotiabank is “very strong,” said Bob Decker, a fund manager at Aurion Capital Market in Toronto. “But we’re off trend pretty strongly because Scotia has lagged again in the past three weeks,” as the Latin American index has rebounded.

Scotiabank, the only Canadian bank with significant operations in Latin America, has trailed its four domestic competitors as the MSCI Emerging Markets Latin America Index dropped 21 percent since April 2012. Scotiabank rose 19 percent in the two years through today while the Standard & Poor’s/TSX Composite Commercial Banks index gained 25 percent.

Source: Bloomberg

- Advertisement -

- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Today’s Vehicle Restriction June 20: only “EVENS” can circulate

Today, Sunday, June 20, only vehicles with "EVEN" ending plates CAN...

Internet speed decreases during peaks in service

QCOSTARICA - Ever wonder why your surfing on the Internet slows...


Today’s Vehicle Restriction June 15: 3 & 4 CANNOT circulate

Today, Tuesday, June 15, vehicles with plates ending 3 & 4 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Fifth tropical wave precipitation will be heavier in the north of the country

QCOSTARICA - For this Wednesday, the arrival of the fifth tropical wave of the season is expected, thus reinforcing the rainy activity mainly to...

Tourism sector depends on political will for recovery

QCOSTARICA - The future of tourism operators in Costa Rica depends on the political will to approve a package of bills that favors the...

Ortega government accuses imprisoned opponents of receiving money from the United States to overthrow him

TODAY NICARAGUA – The Nicaraguan government assures that the imprisoned political opponents detained on charges of “inciting foreign intervention” are “usurpers” financed by the...

“Caso Cochinilla”: Name arose when comparing parasite with hidden corruption

QCOSTARICA - On Monday, the Organismo de Investigacion Judicial (OIJ) moved to the raid, seize and arrest of their investigation into corruption of public...

Lack of space on Racsa’s hard drive paralyzed immigration consultation at the airport this Monday

RICO's DIGEST - We've all had this happen, your computer's hard drive is full and your computer crashes. But we are not the Radiográfica...

Heavy downpours generated the first phreatic eruption of this year at the Turrialba volcano

QCOSTARICA - Several residents of La Pastora, La Central and Monte Calas, in the vicinity of the Turrialba volcano, heard a loud rumbling early...

Today’s Vehicle Restriction June 17: 7 & 8 CANNOT circulate

Today, Thursday, June 17, vehicles with plates ending 7 & 8 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

The Best Sports To Play On A Beach

Costa Rica has some of the best beaches in the world. The coastline is blessed with golden sand, beautiful palm trees, and perfect blue...


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.