In June, Scotiabank Limited (SBTT) reported a 5% or TT$17 million rise in after-tax profit. The increase was primarily driven by higher net interest income which was supported by an expanding loan portfolio. In contrast, CIBC Caribbean (CIBC) experienced a decline in half year revenue, despite similar loan growth. This was the result of weakness in other interest generating sources due to market volatility and lower U.S. benchmark interest rates. The combined effect of these factors and higher operating expenses weighed on performance.
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