News
Commonwealth Bank Reports 2014 Unaudited Year End Results
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.
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have
charged a man who allegedly stole a vehicle.
The accused, DANVANTE BRISCO, 30, of Kew Town, Providenciales, was charged with:
- One Count: Robbery
- One Count: Taking Motor Vehicle Without Authority
- One Count: Using Offensive Weapon to cause fear
Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.
The matter was adjourned to July 05 for a Sufficiency Hearing.
#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.
The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05th, 2024.
Mr. SIMON faces the following charges:
- One Count: Robbery;
- One Count: Gang Membership
- One Count: Possession of a Firearm for the Benefit of a Gang
- One Count: Possession of Ammunition for the Benefit of a Gang.
The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.
Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02nd, 2024, along South Dock Road.
- One Count: Possession of a Firearm
- One Count: Possession of Ammunition
- One Count: Unlawful Entry
Officers also charged a teenage minor who was in the company of Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY.
The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.
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