By admin 
GDP progress strengthens banks’ backside strains. Client banking tendencies drive progress amid a blended yr.
The Caribbean economies have been broadly hit by slowing remittances and a cooling inside labor market. GDP for the Caribbean nations and territories from which our winners are chosen is estimated by the Worldwide Financial Fund (IMF) to have grown a mean of two.5% in 2024.
On the banking aspect, consumer-focused tendencies comparable to increasing mortgage portfolios and digital inclusion had been the celebrities of the present. New buyer acquisitions drove sustained numbers throughout the board regardless of difficult situations.
Regional Winner
Audrey Tugwell Henry, CEO, Scotiabank Jamaica
Finest Financial institution in Caribbean | SCOTIABANK
Towards this backdrop, Scotiabank, our Finest Financial institution within the Caribbean, de-risked out of its Central and South American operations to give attention to unlocking potential within the Caribbean.
In consequence, the Canadian large posted important progress in its Worldwide Banking phase, which generated adjusted earnings of practically $2.9 billion in 2024, up 11% yr over yr (YoY).
This elevated regional focus additionally enabled the financial institution to take house awards in a number of geographies.
Nation, Territory and District Winners
Bahamas | SCOTIABANK BAHAMAS
Scotiabank Bahamas’ continued digitalization efforts proved a recreation changer, with over 99% of all banking actions now carried out by means of digital channels. Greater than 79,000 purchasers make the most of on-line and cell banking providers.
Barbados | SCOTIABANK BARBADOS
Scotiabank Barbados’ revamped Scotia OnLine Banking platform led the financial institution to double deposit-account gross sales YoY. In consequence, Scotiabank’s web earnings within the nation jumped 21.6%, with return on fairness surging from 14% in 2023 to a formidable 23% in 2024.
Bermuda | BUTTERFIELD BANK
Butterfield Financial institution took benefit of its enormous margins to realize above-average profitability within the Cayman Islands and Bermuda. Within the latter, it elevated its web earnings by 11.4% YoY. Within the former, the key was an ever-improving effectivity ratio, which posted at 60.4% for the yr.
Dominican Republic | BANRESERVAS
Within the fast-growing economic system of the Dominican Republic, the place the IMF estimated GDP progress was estimated at 5.1% for the yr, Banreservas leveraged its management to change into the primary Dominican financial institution to succeed in 1 trillion Dominican pesos (about $16 billion) in complete property. It continued to steer the market with a 36% share of complete property and 31% of loans.
Jamaica | SCOTIABANK JAMAICA
Scotiabank Jamaica’s efforts to enhance buyer expertise resulted in improved Web Promoter Rating (NPS) throughout all channels: Digital NPS elevated 33% to 42%, contact heart NPS rose 28% to 32%, and department NPS had an enormous enchancment, from 6% to 51.7%.
Puerto Rico | BANCO POPULAR DE PUERTO RICO
Sturdy mortgage progress was the key behind Banco Standard de Puerto Rico’s award-winning efficiency. The mixture of enchancment in price efficiency and new buyer acquisitions led to a strong 10% improve YoY in adjusted web earnings.
Trinidad and Tobago | SCOTIABANK TRINIDAD & TOBAGO
Scotiabank Trinidad and Tobago’s give attention to digitalization drove important profitability within the nation, the place digital platforms stay a progress avenue, representing round 72% of complete purchasers as of 2024. It additionally achieved record-breaking mortgage progress of $2.1 billion (12%)—its highest single-year improve ever—pushed by sturdy efficiency in retail and industrial segments.
Turks and Caicos | SCOTIABANK TURKS & CAICOS
Comparable tendencies earned the financial institution the award for the Turks and Caicos, the place elevated technological investments by Scotiabank Turks and Caicos helped to safe its main place in purchasers and property.
US Virgin Islands | FIRSTBANK
Growing mortgage profitability was additionally the key to FirstBank’s thriving yr within the US Virgin Islands, the place industrial and building loans associated to larger utilization of a authorities line of credit score boosted numbers throughout the board.
