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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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Liberty Business launches in Turks and Caicos Islands

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enabling digital transformation across key sectors and supporting enterprise customers

Providenciales, Turks and Caicos Islands (September 17, 2026) – Liberty Business has officially launched in the Turks and Caicos Islands, signalling the company’s continued transformation and strengthening its commitment to helping businesses navigate digital change, drive growth and build greater resilience.

The announcement was made during a special stakeholder event attended by government representatives, business leaders, industry partners, customers and members of the media, marking the next chapter in the company’s long-standing relationship with the Turks and Caicos Islands.

“Today represents far more than the introduction of a new name. It reflects our continued evolution as a business and our commitment to being a trusted technology partner for organisations navigating an increasingly digital economy,” said Susanna O’Sullivan, Vice President General Manager, Flow North Caribbean, Liberty Caribbean.

“Through Liberty Business, we are bringing together the strength and capabilities of Liberty Caribbean with local expertise to help businesses across the Turks and Caicos Islands connect, protect, innovate and grow. We want to be a partner that understands the ambitions of our customers and works alongside them to create meaningful business value.”

Liberty Caribbean is the operator of Flow, Liberty Business and BTC, serving customers across more than twenty markets in the region.

The launch of Liberty Business builds on the company’s long-standing presence in the Turks and Caicos Islands and its continued investment in communications infrastructure, technology and digital capabilities across the Caribbean.

Today, Liberty Caribbean operates one of the region’s most extensive communications networks, supported by approximately 50,000 kilometres of subsea and terrestrial fibre infrastructure, helping enable resilient, secure and high-performance connectivity across the region.

For businesses, the evolution comes at a time when technology is playing an increasingly important role in productivity, customer experience, cybersecurity, business continuity and growth.

“Businesses today need more than connectivity. They need technology solutions that can help them operate efficiently, protect their information, support their people and respond to change. We are excited to begin this next chapter with businesses in the Turks and Caicos Islands and to work together to build a smarter, stronger, more resilient and more connected digital future,” said O’Sullivan.

Liberty Business brings together an integrated portfolio of enterprise solutions, including advanced connectivity, cybersecurity, cloud services, data centre solutions, managed services, enterprise mobility and unified communications under a single brand dedicated to supporting the evolving needs of business customers.

Also speaking at the launch, Joanne Missick, Country Manager, Flow Turks and Caicos Islands, said the introduction of Liberty Business demonstrates the company’s commitment to evolving alongside the local business community.

“The Turks and Caicos Islands is a dynamic market with tremendous potential, and our businesses are increasingly embracing technology as an enabler of growth,” said Missick.

“From tourism and hospitality to financial services, real estate, construction, professional services and entrepreneurship, organisations are looking for ways to become more efficient, secure and resilient. Liberty Business gives us the opportunity to engage our customers differently – understanding their individual needs and helping them identify technology solutions that can support their ambitions.”

Missick added that the company’s approach is centred on building lasting relationships with businesses and providing solutions that address real-world challenges.

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Education

TCI Schools Invited to Participate in 2026 National Student Council Election

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Providenciales, Turks and Caicos Islands – Thursday, 17 September 2026: The Ministry of Education, Youth, Sports and Culture has partnered with the Turks and Caicos Islands Elections Department to bring an exciting national election experience directly to high school students across the country with the launch of the 2026 National Student Council (NSC) Election.

Held under the theme “Your Voice. Your Country. Your Future.”, the initiative will give students from all 14 public and private high schools the chance to campaign, vote and compete for national student leadership positions, while gaining first-hand experience of the electoral process.

Minister of Education, Hon. Rachel Taylor, said the initiative gives young people a national platform to share their ideas and develop their leadership skills.

“Our young people have ideas, opinions and perspectives that deserve to be heard, and this election gives them a national platform to use their voices in a meaningful way. We want our students to step forward with confidence, share the issues that matter to them and experience what it means to lead and represent others.” She continued, “I am particularly excited to see students from schools across the Turks and Caicos Islands getting involved, supporting their candidates and participating in the voting process. I encourage every school to embrace this opportunity and help us create an experience that our students will learn from and enjoy.”

Each high school will nominate one student candidate to represent their school at the national level. Candidates will campaign for the positions of President and Vice President, sharing their ideas, priorities and plans with student voters across the Turks and Caicos Islands. Both positions will be decided by electronic vote among high school students across the country.

The remaining four positions on the six-member National Student Council:  Secretary, Assistant Secretary, Treasurer and Public Relations Officer. will be determined through an internal vote among the top candidates following the national election.

The election will mirror several elements of the Turks and Caicos Islands’ electoral process. Candidates will choose a party name, colour and symbol, develop a manifesto and campaign slogan, and make their case to student voters. Their names, party information and symbols will appear on an electronic ballot, giving students the opportunity to experience the process as both candidates and voters.

Acting Elections Supervisor Willette Pratt stated that the timing of the initiative is particularly significant as the country continues its focus on civic awareness and youth participation.

“Coming on the heels of Constitution Day and as we prepare to celebrate National Youth Week this September, this is a timely opportunity to put civic education into practice. We want young people to understand that democracy is not only about casting a vote; it is about being informed, participating and understanding that their voice matters. We are excited to see our schools and students embrace the experience.”

Once students are selected and endorsed by their school, candidates must submit a completed Candidate Information Form, a Student Manifesto of no more than 250 words, and a 45- to 60-second Campaign Video PSA introducing themselves and outlining the issues and priorities they hope to champion.

Candidates are expected to campaign fairly and respectfully, focusing on ideas, student issues and their plans as aspiring student leaders. Personal attacks, bullying, false or misleading information, and offering gifts or incentives in exchange for votes are prohibited. Breaches of the campaign code of conduct may result in the loss of campaign privileges or disqualification.

For candidates, it is a chance to share their ideas and test their leadership skills on a national platform. For student voters, it is an opportunity to have a say in who represents them and experience the electoral process first-hand.

With candidate selection underway, the Elections Department and Ministry of Education are looking forward to seeing students step forward, bring their ideas to the campaign and, ultimately, seeing young voters across the country make their choice at the ballot.

The 2026 National Student Council Election is an opportunity for young people to do more than learn about leadership and democracy — it gives them the chance to take part. Your Voice. Your Country. Your Future.

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Health

Know the Possible Warning Signs of Prostate Cancer

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September is Prostate Cancer Awareness Month – which means it is time to watch out for the warning signs. Possible signs include slow urine flow and loss of bladder control — but if this common cancer is caught before it spreads, the prognosis is good.

Your prostate is only about the size of a walnut. But this small gland can cause big problems if left unchecked.

Warning signs of prostate cancer

“Most men with prostate cancer don’t have symptoms at first,” says urologist Christopher Weight, MD. But if you notice certain warning signs, like changes in your pee routine or pain, it’s a good idea to visit a urologist.

Prostate cancer is one of the most common cancers in men. But when it’s found early, it’s also one of the most treatable. Knowing the signs and talking with a healthcare provider about screening could save your life.

So, what should you look out for?

Slow or weak urine flow

Trouble starting to pee — called urinary hesitancy — is common as men get older. You may also notice slow flow or dribbling. Or your flow may stop altogether. The most common cause is benign prostatic hyperplasia. Still, if you experience these symptoms, it’s important to get your prostate checked.

Frequent need to urinate

A frequent and sometimes urgent need to urinate, especially at night, may be a sign of nerve damage or an infection. Or it could indicate that a tumor is putting pressure on your bladder and urethra.

Painful or burning urination

Pain or burning when you pee — called dysuria — is usually linked to a urinary tract infection (UTI). But in some cases, it can signal prostate cancer. This is especially true when it’s paired with other symptoms.

Blood in your urine

Another possible warning sign of prostate cancer is hematuria, or blood in your pee. Though this can be associated with other health issues, including a UTI, it’s worth checking out.

Prostate pain

Unexplained prostate pain — especially when sitting — can be an early sign of trouble. “It might also mean an infection, but only your urologist can say for certain,” Dr. Weight says.

Loss of bladder or bowel control

Bladder or bowel incontinence can happen with age or other medical conditions. But if you’re leaking urine or can’t control bowel movements, talk to a doctor to rule out prostate cancer.

Changes in sexual function

These symptoms can stem from many causes, but they may also signal prostate cancer. Talk to a urologist if you notice:

  • Painful ejaculation
  • Decreased volume of ejaculation
  • Inability to keep an erection
  • Blood in your semen (hematospermia)

Sexual health is a vital part of your overall well-being. So, if something feels off, it’s not just OK to speak up — it’s vital.

Later-stage signs

These symptoms often only appear when prostate cancer has spread:

  • Ongoing pain in your lower back, hips or chest
  • Numbness in your legs or feet

“Of course, there are endless other reasons that your back may hurt or that you have tingling in your toes that are entirely separate from any prostate troubles. But they can also be signs of later stages of prostate cancer,” Dr. Weight clarifies.

Importance of prostate cancer screening

“Since early-stage prostate cancer doesn’t cause symptoms, many men don’t know they have it,” Dr. Weight notes. “That’s why regular screening is so important — it helps catch prostate cancer early, when treatment is most effective.”

A healthcare provider may recommend screening if you’re between the ages of 55 and 69, or earlier if you have a family history or other risk factors.

Screening might feel uncomfortable to think about, but skipping it could mean missing a chance to catch prostate cancer early, when it’s easier to treat.

“A simple blood test, often followed by a physical exam if needed, gives your doctor important information about your prostate health,” Dr Weight says.
Early detection doesn’t just improve treatment options — it can also give you peace of mind.

Lower your risk of prostate cancer

“You can’t do anything about some of the risk factors for prostate cancer, like age or family history,” Dr. Weight recognizes. “But you can make lifestyle choices that support a healthier prostate.”

These small steps may make a difference:

  • Get regular prostate screenings.
  • Maintain a healthy weight.
  • Exercise regularly.
  • Eat a nutritious diet.
  • Quit smoking.

“When prostate cancer is diagnosed before it spreads to other parts of the body, about 99% of people live at least five years after diagnosis,” he continues. “But the survival rate is much lower if the cancer has spread.”

That’s why it’s so important to stay proactive. Regular screenings, healthy habits and paying attention to changes in your body can make all the difference. Talk to a provider about the right plan for you.

CREDIT: CLEVELAND CLINIC

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