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Shareholders Applaud Bank Execs, Directors at AGM for $53 Million Profit Commonwealth Bank ‘Most Profitable of All Banks’ Execs tell Shareholders

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Nassau, 22 Jun 2015 – For the second consecutive year, Commonwealth Bank reported it was ‘the most profitable of all (retail) banks’ with net earnings of $53.3 million, $16 million higher than its nearest competitor and up from $48.7 million over the year before.

That news of a 7% increase in profits topped a list of positive performance figures for fiscal 2014 reported by the bank at its annual general meeting at SuperClub Breezes May 27, a standing room only event with the crowd applauding and breaking out in cheers more than 30 times.

“Commonwealth Bank continues to be the leader in personal banking services and remains focused on personal banking,” Chairman William B. Sands, Jr., told the packed room, noting that other banks were now “placing more emphasis” on the personal banking platform that has been the core of Commonwealth Bank’s business model. Commonwealth Bank has built its reputation and its success on granting consumer loans for purchases, education, medical and special purpose applications, reducing the risk associated with hefty capital commercial lending and enhancing loyalty. Its average loan value is $17,155.

This was the third time in four years that Commonwealth Bank’s profits exceeded $50 million, profits it has shared with shareholders since it went public with an oversubscribed share offering in 2000. With more than 6,000 shareholders, Commonwealth Bank is the second largest publicly-held company (largest publicly held financial services company) in The Bahamas and accounts for 22% of all trading on the Bahamas International Securities Exchange (BISX). In 2014, the bank paid $.06 per share in quarterly dividends plus an extraordinary dividend for a total of $.30 per share. Equity earnings per share were $0.49.

In other performance figures, the bank reported gross revenues of $139.3 million and total assets of nearly $1.5 billion. The bank’s efficiency ratio, 48.4%, was the sole declining indicator, a result, said AVP & Group Financial Controller, Mrs. Gladys Fernander, of a $5 million increase in business license fees and an increase of 85% in fees overall.

Despite those increases, the bank maintained its commitment to community with contributions totaling $400,000, much of that going to education, including a long-standing partnership with the Ministries of Education and Social Services to provide school backpacks and supplies for thousands of students. The bank’s outreach stretches from the youngest child to the aged in a senior citizens’ home, from the teen mother who wants to earn her high school diploma and find employment to the college student benefitting from a scholarship for future leaders of The Bahamas.

Like other financial institutions, the bank’s internal focus was on managing lending and curtailing bad loans during an economy that continues to be challenging. That focus paid off. Tougher lending restrictions and more stringent collections resulted in a substantial reduction in loan loss impairment with total write-offs of $28.4 million, an 18.6% improvement over 2013 when the bank reported $34.9 million in write-offs. Both years placed Commonwealth Bank’s loan losses far below competitors’ and shareholders were reminded that while some banks in The Bahamas announced in 2014 that they were closing branches, Commonwealth Bank had expanded services and hours and now offers Saturday banking in six locations.

Non-interest income, mostly earned from its subsidiary Laurentide Insurance & Mortgage Co Ltd, stood at $14.5 million.

Total capital was reported at year-end at $294 million, exceeding regulatory requirements by 64% and contributing to share value. Market capitalization rested at $732.4 million and the bank paid out $30 million in dividends.
The domestic capital market responded to those positive performance indicators driving share value up 8.5% in 2014 to close at $7.50.

In looking toward the future, the chairman said Commonwealth Bank would maintain its interest in the consumer market, control loan growth, continue to improve its efficiency in operations as well as in collections and recovery, and devote resources to staff development and succession planning. He hinted at changes in the long-serving board of directors, some of whom have served for more than 30 years. Mr. Sands also said the bank would not be constructing or opening any new branches in the coming year, but would introduce a chip enabled VISA debit card and would also enhance its international MasterCard products with the high-security, chip- enabled card in 2016, to complete its array of MasterCard/SunCard offerings. This represented a significant investment for the Bank.
Given continuing high unemployment and slow growth, Mr. Sands said, cautious optimism will guide the economic outlook until BahaMar opens.

And, according to Commonwealth Bank President Ian Jennings, in such a challenging and competitive environment, “it is critical for service-oriented businesses like Commonwealth Bank to focus on constantly upgrading how they interact with customers, how fast they respond, how well they develop products consumers need.
“We have no foreign parent, we have to protect ourselves, our staff and our shareholders,” said Mr. Jennings, “That is why we take a conservative approach. We never lose sight of the fact that we are a Bahamian bank for every Bahamian and we want you to know that your all-Bahamian bank was once again the first choice of Bahamians for personal banking services and the top performing bank in The Bahamas.”

Shareholders returned the Board of Directors unanimously. Those directors include William B. Sands, Jr., Ian A. Jennings, Rupert W. Roberts, Jr., Roland C. Symonette, Vaughn W.T. Higgs, George C. Culmer, Earla J. Bethel, Larry R. Gibson Marcus C.R. Bethel and Robert D.L. Sands.

Commonwealth Bank with more than 525 employees operates 11 branches in New Providence, Abaco and Grand Bahama. A record crowd of nearly 500 persons attended the annual general meeting for the year January 1 – December 31, 2014.

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Beaches Turks & Caicos shares dining etiquette training at Provo youth summer camp  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos Resort recently collaborated with the Royal Turks and Caicos Islands Police Force and the Department of Social Services to support a youth camp hosted at the Oseta Jolly Primary School, underscoring the resort’s ongoing commitment to youth development in the Turks and Caicos Islands.

The camp, which brought together security forces, government agencies and private sector entities, focused on equipping young participants with practical life skills and character-building tools. A team from Beaches Turks and Caicos’ leadership and training departments joined the programme to deliver sessions on basic table etiquette, dining mannerisms, polite demeanour and public speaking fundamentals, all designed to help the students present themselves confidently in formal and professional settings.

General Manager of Beaches Turks and Caicos, Deryk Meany, said the resort views national development as an integral part of its corporate social responsibility. “We are always happy to be supporters in the development of the youth of the Turks and Caicos Islands. We continue to commit our team to help in creating the next generation of leaders who will provide support to the islands and help in its development,” Meany noted.

The initiative also received strong endorsement from the Ministry of Education, Youth, Sports and Community Development, which has been championing holistic programmes aimed at building well-rounded young citizens. Minister Rachel Taylor highlighted the importance of collaborations like the camp in helping youth access structured guidance and mentorship. “We are happy to join in celebrating the growth and development of our youth here in the Turks and Caicos Islands. Beaches Turks and Caicos continues to be one of our primary supporters in helping to develop well rounded individuals. This commitment from this resort has grown with the vision of the youth ministry to help in their overall development,” she said.

Taylor further emphasized that the camp’s timing was especially significant, coming as youth across the islands seek positive outlets and constructive engagement. “This camp came at the most ideal time for our adolescents. With the support of our governor, the security forces, the social services along with Beaches Turks and Caicos, we are confident that the training needed for them to improve is on the right track,” she added.

Beaches Turks and Caicos Public Relations Manager, Orville Morgan, described the collaboration as an exemplary model of cross-sector partnership. “To be able to join with the security forces to provide support for the youth of the Turks and Caicos Islands is exceptional. We are happy to provide the necessary support to equip them to grow into being productive citizens of these islands,” Morgan said.

He noted that the resort team focused on practical etiquette and hospitality-driven skills that can be carried into the youths’ future experiences. “As a team, we were able to share in the basic table setting and dining etiquette for them, skills we are sure that they will be able to use in their next fine dining experience,” Morgan added.

Organizers expressed optimism that the camp’s blend of discipline, mentorship and soft skills training will have a lasting impact on participants. With stakeholders pledging continued support, the Beaches Turks and Caicos team and their partners aim to expand similar initiatives, further investing in the personal and professional growth of the next generation of Turks and Caicos Islanders.

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ELECTRICITY BILL SHOCKER: PELICAN ENERGY WARNED GOV’T

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TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response

PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.

Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.

That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.

Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.

He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.

Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.

Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.

Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.

Saunders did not disclose the programme’s total cost.

His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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