Nassau, 25 Feb 2015 – Commonwealth Bank, today, reported unaudited total profit of $53 million in 2014. Total assets closed to $1.47 billion at December 31, 2014. Earnings were up 7% over 2013 when the Bank reported total profit of $50 million. Total assets were up 3% over 2013.
“I am pleased with the Bank’s results in 2014,” said William B. Sands Jr., Executive Chairman of Commonwealth Bank.
“They confirm that our business strategy remains appropriate and that our staff remains both capable and dedicated to the plan as laid out by the Board and Executive Management.”
The improvement reported in total profit for the year was despite the introduction of a new $5 million turnover based business license fee in 2014.
Interest Expense declined in 2014 as the chronic excess liquidity in the system continued to depress deposit interest rates. For 2014 interest expense was $31.7 million compared to $35.5 million a year earlier. Sands noted that, “Although the bank grew its loan book by 3% in 2014 – the timing of the growth was such that it did not materially impact fiscal 2014. We expect to see the full impact of the growth in 2015 when the new loans would have earned interest for a full year.”
Amid an environment of high nonperforming loans, Commonwealth Bank continued to record low levels of impairment in its portfolio when compared to the industry averages. As a result the Bank was able to reduce its loan impairment expenses by $3.4 million compared to 2013. Charged Off Loans declined by almost $6.5 million in 2014 to $28.4 million, while at the same time, Balance Sheet allowances for loan impairment increased by $1.2 million over 2013 to $55.5 million. On December 31, 2014, Commonwealth Bank’s impaired loans represented 5.8% of its total outstanding loans. The industry’s impaired loans, as reported by The Central Bank, were 16.1% of aggregate loans of all banks.
The Bank’s total expenses grew by 10% in 2014 which equated to $5.9 million. Total Group taxes and license fees increased by $4.2 million over 2013. Apart from the increase in tax and government license fees, most of the remaining increase was in variable costs.
Commonwealth Bank continues to report strong capital and liquidity ratios with a capital ratio of 27.9% and a liquidity ratio of 33.6% compared to the requirements of The Central Bank of 17% and 20% respectively.
The Bank’s earnings per share was $0.49, return on assets was 3.3% and return on equity was 23.1%. These all compare favourably with 2013 when the Bank reported $0.46, 3.1%, and 23.0%, respectively.
The Bank continued to share its success with its shareholders through uninterrupted quarterly dividend payments. Dividend payments totaled $0.30 per share in 2014 and were unchanged from 2013.
Showing appreciation for the results, Sands pronounced “Commonwealth Bank remains grateful to our customers and shareholders for their continued support. I want to personally thank every member of our team of dedicated professionals who are integral to our success.”
Commonwealth Bank is the largest Bahamian owned bank listed on BISX. The Bank is a market leader in service and convenience, operating eleven branches in New Providence, Abaco and Grand Bahama and employs over 530 staff.
Please visit the Bank‘s website at www.combankltd.com for information on Commonwealth Bank’s dividend payment history, other financial reporting information and a full set of audited financial statements which will be published on our website within the time frame established by BISX.
The Bahamas Ministry of Tourism, Investments & Aviation “Bringing The Bahamas” to Cities Across the Globe
#TheBahamas, August 16, 2022 – The Bahamas Ministry of Tourism, Investments, and Aviation will launch a series of Global Sales and Marketing Missions through May 2023, beginning in Florida and New York next month. Missions are planned for the USA, Latin America, Canada, United Kingdom and Europe.
“As the catalyst to the growth and development of the Tourism industry these past 50+ years, the Bahamas Ministry of Tourism is focused on the maximization of the return on our investment,” said the Honourable I. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments, and Aviation.
DPM Cooper and Acting Director General of Tourism, Latia Duncombe, will lead the missions.
“We’ve invited a cross-section of hoteliers and stakeholders to join the missions in promoting our Brand as the industry rebounds, and as we work to generate new leads and recapture market share,” said Mrs. Duncombe.
The BMOTIA senior executive members will meet with wholesalers, travel specialists, media contacts, potential investors, airlines, and corporate stakeholders. During these events, attendees will have the opportunity to:
- Meet Tourism specialists across the product segments
- Engage in questions and answers
- Learn about new developments and product offerings by key industry stakeholders
- Experience Bahamian culture through local cuisine, music, cocktails, and special Junkanoo performances, which will be making its triumphant return to Nassau.
Having maintained “It’s Better in The Bahamas” appeal, the myriad of hotel brands – all-inclusive and self-catering properties – complements the Ministry’s 16-island identification of diverse cultures and experiences.
ADG Duncombe confirmed that the industry’s forecast for the remainder of the year and through March 2023 is very promising, and marketing initiatives will further concretize the Bahamas’ Global Brand. “We hope these events will inspire our partners, leaders, and representatives, and that we will collectively keep the heartbeat of our economy alive by working together,” she said.
The “Bringing The Bahamas to You” Global Missions will bring a taste of Bahamian culture across the globe to inspire travel to the destination.
For more information, please visit Bahamas.com/GlobalMissions2022.
2023 Bahamas Charter Yacht Show Announcement
#TheBahamas, August 16, 2022 – The Association of Bahamas Marinas (ABM), in conjunction with the International Yacht Brokers Association (IYBA), and the Bahamas Ministry of Tourism, Investments and Aviation, is proud to announce the 2023 Bahamas Charter Yacht Show (BCYS), to be held in Nassau, Bahamas on February 23rd – 26th, 2023.
The 2023 Bahamas Charter Yacht Show will be one of the top international charter shows in the world, and bring together charter yachts, charter yacht brokers & managers, Bahamian marinas, marine & yacht trade companies. Yacht charter has increased greatly in The Bahamas in the last ten years, and now plays an integral part in The Bahamas’ boating and yachting tourism, providing millions of dollars to the nation’s treasury in terms of charter fees, and millions directly into the Bahamian economy through direct expenditures.
The goal of the BCYS is to (1) allow charter yachts that charter in the islands of The Bahamas to showcase their yachts and crew to charter brokers and charter managers from around the world, (2) allow marinas and resort properties from around The Bahamas to showcase their individual locations, and (3) allow local Bahamian companies that cater to and benefit from yachts being in The Bahamas, to showcase their products and services directly to the yachts and charter brokers.
This year’s show is based primarily in downtown Nassau and will include the following marinas and properties:
- Baystreet Marina
- Atlantis Resort & Marina
- Hurricane Hole Superyacht Marina
- Nassau Yacht Haven Marina
- The Pointe Marina
- Margaritaville Beach Resort & Marina Nassau
In addition, ABM marinas from throughout The Bahamas will be on hand sharing what makes their Out Island destinations perfect for yacht charters.
The Bahamas Charter Yacht Show is comprised of a partnership with the Association of Bahamas Marinas, The Bahamas Ministry of Tourism, Investments & Aviation, and the International Yacht Brokers Association (IYBA). The 2023 Bahamas Charter Yacht Show is chaired by Joe
Dargavage, Managing Partner of the Romora Bay Resort & Marina and President of the Association of Bahamas Marinas, Ms. Erika Feszt, Assistant Manager and Peter Maury, General Manager of Baystreet Marina, and Ms. Laura Garcia, Partner at United Island & Yacht.
For all information, visit https://bahamascharteryachtshow.com.
Cell: (242) 447-9617
Office: (242) 676-7000
PM Davis says Regional UNFCCC Meeting Attendees share a ‘determination to make important progress’ on climate change issues
By ERIC ROSE
Bahamas Information Services
#NASSAU, The Bahamas, August 16, 2022 – – During his Official Remarks at the Opening Plenary Session of the Caribbean Regional Heads of Government Meeting in Preparation for the United Nations Climate Change Conference of The Parties 27 (COP 27), on August 16, 2022, Prime Minister of The Bahamas and Minister of Finance the Hon. Philip Davis noted to attendees that they all shared a determination to make important progress together in the coming days.
“As many of you know, the end of August and the beginning of September has become a very poignant time on the Bahamian calendar,” Prime Minister Davis pointed out, at the Meeting, held at Baha Mar Convention Centre. “September 1st will make three years since Hurricane Dorian landed on our shores.”
“The physical, psychological, social, and economic damages are still very much with us,” he added. “Across the world, we’ve seen the intense heatwaves, wildfires, and droughts that are further, terrible evidence of the accelerating impact of climate change.”
“One thing is clear: success will require collective action,” he said.
“If we advance our interests merely as individual Small Island Developing States, our voices will be dispersed, unable to be heard above louder, wealthier, carbon-producing interests,” he added.
Prime Minister Davis said: “Friends: There really is strength in numbers; and if we stand together, we are less likely to fall apart. And so this regional meeting is critical. Our shared characteristics go beyond our physical geography.
“We need to find effective, efficient ways to adapt to new realities,” he added. “We have to re-structure our lives and our living environment to mitigate against the disasters which are becoming more frequent and more severe.
“Easy to say – much harder to pay for.”
Prime Minister Davis noted that the Caribbean had been identified as the region with the largest number of indebted countries. He said that while there were multiple reasons for this, in many cases a major contributor to debt is borrowing associated with recovery efforts from the impact of climate change.
“Here in The Bahamas, we undertook an exercise which revealed that more than 50% of our outstanding debt can be linked to the impacts of the hurricanes which descended on us between 2015 and 2019,” Prime Minister Davis said. “Our countries are struggling with debts accumulated by climate disasters.”
He added: “What does this mean for the development of our nations, when our risk profile is becoming so severe that insurers question their willingness to offer risk facilities to offset climate disasters? Put simply, we are in danger of becoming uninsurable.”
Prime Minister Davis said that many, if not all, of the countries represented at the Meeting had already faced challenges in accessing climate-related funds.
By acting in “common cause”, he said, they could move with more authority and with greater impact to address legacy issues which have held them back from making meaningful progress.
“This is not to say that there aren’t differences among us,” he noted. “With some issues, we can agree to disagree. With others, we can use this forum to find and build consensus before we engage with our colleagues around the world.”
Prime Minister Davis said that COP26 in Glasgow promised a renewed commitment to act. He noted that in the prior two weeks, both the United States and Australia had taken “historic” steps forward to address emissions.
“But the conflict in Ukraine, spiraling inflation in energy costs along with other goods and services, and significant disruption to supply chains, have put pressures on the promises to restrain carbon emissions around the world,” Prime Minister Davis said.
“The progress in the United States and Australia is important,” he pointed out. “The world’s wealthiest and most powerful countries generate 80% of global emissions. They can act – when they choose to.”
“Their progress also shows nothing is inevitable, in this great fight of our time,” Prime Minister Davis pointed out. “We cannot get stuck, or allow others to languish in inaction, when forward motion is required.”
Prime Minister noted that there was much room for innovation.
“I don’t just mean technological innovation – I also mean innovation in the way we think about climate challenges and solutions,” he said. “Consider, for example, the Call to Action on Living Lands (CALL), which emerged from the Commonwealth Heads of Government meeting in Rwanda earlier this summer.
“The Call to Action highlights the importance of building natural resilience by stopping and reversing biodiversity loss, and developing nature-based and ecosystem-based approaches to combating climate change.”
Prime Minister Davis noted that, if it was true that almost all of the hard work fighting climate change lies ahead of them all, it was also true that their ingenuity was up to the challenge.
“And so, Friends, I encourage your most active and vigorous participation in these discussions. Let us bring our best ideas to the table,” he said. “Let us work together to construct a joint solution in respect of climate risk insurance and other climate risk facilities.
“And let us take practical steps to improve access to climate finance.”
Prime Minister Davis noted that they were well-aware that, going into COP27, work was underway to advance the implementation of a Santiago Network on Loss and Damage, along with the establishment of a Loss and Damage Facility.
“These are important tools to support our countries,” he said.
“However, we also need to ensure that risk or insurance facilities are also in the toolbox of solutions to help our people,” Prime Minister Davis added. “Access to climate finance should not be unclear or cumbersome. And the application of per capita overseas development assistance eligibility should not be taken as the main consideration for offering climate finance; if so, means that many Caribbean states would be frozen out from the start.”
Prime Minister Davis said that they should all work together to advance the use of a Multi-Dimensional Vulnerability Index to reflect the true needs of Small Island Developing States; and work to persuade donors and partners to ensure that all SIDS are eligible for access to bilateral climate financing.
“Colleagues, we are at an important time, when the New Collective Quantified Goal on Climate Finance is currently being assessed by countries operating within the UNFCCC framework,” he said.
“If we can do the heavy lifting here, our chances of success are greatly improved,” he added. “We are more likely to avoid the mistakes of the past.
“And we will have a greater chance of securing better futures for us all.”
Prime Minister Davis said that it was his “fervent hope” that the meeting becomes an annual event, one where common interests, shared objectives and mutually-accepted protocols, lead to “outcomes which will ensure our very survival”.
“It is no exaggeration to say that our very lives depend on it; and the only way forward is together,” he said.
Photo Caption: Prime Minister of The Bahamas and Minister of Finance the Hon. Philip Davis speaks, on August 16, 2022 at Baha Mar, during his Official Remarks at the Opening Plenary Session of the Caribbean Regional Heads of Government Meeting in Preparation for the United Nations Climate Change Conference of The Parties 27 (COP 27), which will take place in Sharm El Sheikh, Egypt in November.
(BIS Photos/Eric Rose)
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