Scotiabank Trinidad and Tobago Ltd has reported after-tax income of $449 million for the nine months ended July 2026, down $82 million (15%) from the same period in 2025.However, its third-quarter income after tax was $148 million, an increase of $7 million, or 5%, compared to the prior quarter.In a news release yesterday, Scotiabank stated the reduction in profitability for both periods was mainly due to the recently introduced regulatory total asset tax, announced as part of the 2026 budget measures and effective January 2026.It stated that the group continues to post a competitive return on equity (ROE) of 12.52% and return on assets (ROA) of 1.91%, while improving the dividend pay-out ratio to 83% with a third-quarter dividend of 70 cents.It added that earnings per share (EPS) of 254.5c and an improved dividend yield of 6.20% reflect its continued focus on generating long-term value for our shareholders.Managing director of Scotiabank T&T Ltd Gayle Pazos commented: “Our commendable third quarter results reflect the strength and stability of our Bank and the continued confidence our customers have in us. We have built on the momentum of the second quarter with total revenue growth quarter over quarter of 7%, driven by good growth in our retail portfolio.”She said its insurance and wealth business lines continue to deliver strong growth, contributing 23% of overall Group Net Income, up from 18% last year.“This performance was supported by 7% growth in mutual funds and 4% growth in Insurance policyholder funds, further advancing our diversification strategy. As economic activity moderates, we expect conditions to remain subdued as we approach the end of the year. Nevertheless, our continued focus on customer experience and digital accessibility has enabled us to grow our business lines despite an increasingly competitive environment,” said Pazos.She added that Scotiabank remains committed to supporting T&T’s economic future by strengthening partnerships locally and deepening relationships across the region.Pazos noted that in June, the bank sponsored the inaugural Caribbean Economic Forum (CEF), which brought together regional and international leaders to accelerate investment, strengthen connectivity, and create opportunities for sustainable economic growth.“As a strategic sponsorship partner, Scotiabank was proud to support this landmark initiative, designed to move beyond dialogue and towards action by exploring partnerships, financing solutions, and cross-border collaborations to unlock the region’s full potential,” she said.Pazos continued: “It was also my pleasure to meet with the Honourable Minister of Finance, Davendranath Tancoo, together with senior international Scotiabank executives, to discuss opportunities to strengthen relationships, expand collaboration, and contribute to building a more resilient economy.”She said the discussion was positive and reinforced the importance of continued partnership between the Government and the private sector.Pazos added that the bank remains firmly committed to the future of the local economy and to supporting sustainable growth for our customers, communities, and citizens.“We are extremely proud to have been recognised during the quarter as T&T’s Best Bank 2026 by Euromoney, a distinction that reflects our strong financial performance, continued investment in digital transformation, and commitment to delivering exceptional client experiences.“This award recognises the dedication of our employees and our unwavering focus on providing advice, innovative solutions, and meaningful experiences that help our clients achieve their financial goals,” Pazos highlighted.She added, “In closing, I would like to thank our employees, shareholders, and customers for their continued support and contribution throughout the quarter. Your dedication and commitment remain the foundation of our Bank’s continued success.”