Scotia Group Jamaica has seen a significant uptick in its mortgage business as more Jamaicans seek to acquire a home.

Last year it reported a 14 per cent increase in mortgages, and, at a press briefing held last week to announce its performance for the nine-month period, Scotia Group Jamaica CEO Audrey Tugwell-Henry announced a 25 per cent surge in its mortgage business this year which she attributed to demand as the economy reopens.

DISTRIBUTION OF MORTGAGES BROADENED

Addressing the growth in mortgages Tugwell-Henry said: “For the last four years we have been distributing mortgages across our branch network. We have a legal entity called Scotia Jamaica Building Society but we have broadened our distribution of mortgages so we distribute and sell mortgages across the branches within the main bank. That has really worked well.

“We have simplified and streamlined our mortgage process and have ensured all our personal banking officers are capable of managing complex mortgage transactions with our customers. We take risk management very seriously.”

For the nine-month period ended July 31, 2022, Scotia Group Jamaica reported a net profit of J$8.4 billion, representing a 15 per cent year over year increase and a 55.1 per cent increase over its net profit figure for Q2.

The Group will be paying a dividend of 35 cents per stock unit  to shareholders at the end of Q3.

“ We are happy with the overall core business line performance. We are an institution focused on putting our customers first and we recognise the products and services that we offer are important to the financial well-being of our customers. We have seen significant growth in our mortgage portfolio, consumer lending portfolio and our commercial book has also grown,” said Tugwell-Henry.