KINGSTON, Jamaica – Scotia Group Jamaica Limited reported higher half-year profit in results published on the Jamaica Stock Exchange on Friday, alongside a separate announcement that its majority shareholder plans to take the company private.

The banking group posted net income of $10.1 billion for the six months ended April 30, up from $9.2 billion a year earlier, supported by stronger lending, higher deposits and growth across its banking, investment and insurance businesses.

Scotiabank Caribbean Holdings Limited, which owns 71.78 per cent of Scotia Group Jamaica, announced that it intends to buy out minority shareholders at $61.50 per share in cash.