Scotiabank has registered after-tax profit of $2.3b for the financial year which ended on October 31st, 2023.
The after-tax profit for 2022 was $2.2b.
According to the condensed financial statements for the Bank of Nova Scotia – Guyana Branch published in the February 11th Sunday Stabroek, the institution saw interest income rise from $4.4b in 2022 to $4.7b last year. Total revenue climbed from $6.9b in 2022 to $7.5b in 2023. Net impairment loss on financial assets declined from $116.3m in 2022 to $96.3m in 2023.
Without qualifying its opinion on the accounts, the auditors, Nizam Ali and Company drew attention to an ongoing dispute between Scotiabank and the Guyana Revenue Authority (GRA).
It pointed out that the GRA has issued revised assessments for Corporation Tax liability of $542m for the years of assessment 2011 to 2017 and new assessments for corporation and property taxes for years of assessment 2018 to 2022 for $266.1m – an overall liability of $808m. The auditors said that the Bank has appealed the GRA’s assessment and paid one third of the total amount being claimed – $269.6m. It said that no further provision has been recognized as management believes that the appeal will be successful.
