Feb 2008 Financial News

SBTT Releases Q108 Results

Feb 25, 2008

Scotiabank (Trinidad & Tobago) Limited
Results for the First Quarter Ended January 31, 2008

Earnings Per Share
For the First Quarter Ended January 31, 2008, Scotiabank (Trinidad & Tobago) Limited (SBTT) reported Earnings Per Share (EPS) of 61.6 cents, up 17.78 per cent on the corresponding EPS of 52.3 cents in fiscal 2007.

Q108 Financial Highlights
•Net Interest & Other Income amounted to $236.14 million, up 19.49 per cent on Q107.
•Return on Equity- 26.90 per cent
•Return on Total Assets- 3.60 per cent

Dividends
The Directors have resolved that the Bank pay a first interim dividend of 23 cents per ordinary share (21 cents- 2007).

Recommendation
SBTT last closed at a price of $29.52 on the local exchange. While the results for the quarter have exceeded our expectations, we are maintaining our forecasted EPS of $2.30 at this time. At the current price and forecasted EPS, this share is trading a P/E multiple of 12.83 times. Given that this share has traditionally traded in the band of 13 to 16 times we continue to recommend a BUY.

Gia Singh
WISE Equity Research Team