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Commonwealth Bank Releases 3rd Quarter Report: Earnings Increase 12.2%, Assets Top $1.5 Billion.

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Nassau, 24 Nov 2015 – Commonwealth Bank today released a very positive earnings report declaring $44 million in profits for the nine months to September 30 2015 with Total Assets exceeding $1.5 billion.

“This positive third quarter earnings report reflects an increase of 12.2% or $4.8 million above the $39.2 million in profits for the same period last year,” said President Ian Jennings. “But more importantly, these results demonstrate that our steadfast conservative approach to lending combined with vigilant oversight of operating expenses continues to serve our more than 6,000 shareholders well, in addition to the community as a whole. ”

Jennings credited dedicated staff, controlled credit risk and prudent operating practices with helping the bank report these results. However, he added serious economic challenges persist.

“Continuing high unemployment coupled with increasing costs including the introduction of VAT and a substantial $5 million hike in business license fees last year plus expenses related to loan impairment are challenges we have to overcome as we search for new and innovative ways to do things that were a lot easier to do a decade ago,” said Jennings.

“Notwithstanding those economic challenges, our total revenue increased 8% or $8.4 million over 2014,” said Jennings. “We are cautiously optimistic over the remainder of 2015 as we do see encouraging signs within the bank as our nonperforming loan ratio of 4.09% continues to significantly outperform the industry average of 14.84% at September 2015, as reported by The Central Bank of The Bahamas. The Bank also maintains strong capital and liquidity ratios with capital adequacy in excess of 27% and liquidity ratio above 34%. These ratios are well in excess of Central Bank’s requirements of 17% and 20%, respectively making Commonwealth Bank both financially strong and stable.”

With branches in New Providence, Grand Bahama and Abaco, Commonwealth Bank has 10 branches, five of them with Saturday banking, numerous off-site ABMs for 24-hour banking and employs more than 500 persons. Since going public in the year 2000, the bank has not missed paying a quarterly dividend and has paid an additional extraordinary dividend in most years.

The Bank’s commitment to community, marked by its extensive support in donations to education at every level, this year reached an all-time high with the announcement of an historic $500,000 pledge over 10 years to the Cancer Society of The Bahamas.

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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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Health

47,459 MEASLES CASES, 44 DEATHS ACROSS AMERICAS  

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WASHINGTON, D.C. — The Americas has recorded 47,459 confirmed measles cases and 44 deaths in 2026, the region’s highest case count in 22 years, prompting the Pan American Health Organization (PAHO) to urge stronger vaccination, surveillance and rapid outbreak response.

As of July 18, cases were already more than triple the 15,011 recorded during all of 2025. Guatemala, Mexico, the United States and Peru account for 95% of confirmed cases. Guatemala leads with 30,371 cases and 26 deaths, followed by Mexico with 12,255 cases and 17 deaths.

PAHO classifies the regional public health risk as very high, citing active outbreaks, immunity gaps, international travel and populations with inadequate vaccination coverage.

The organization says prevention starts with vaccination. Countries are being urged to achieve and maintain at least 95% coverage with two doses of measles-containing vaccine, particularly protecting children and under-vaccinated communities.

Measles spreads through the air when an infected person breathes, coughs or sneezes. Symptoms can include fever, cough, runny nose, red eyes and a rash.

PAHO is urging health authorities to detect suspected cases early and respond rapidly to stop transmission. Unvaccinated and under-vaccinated people, young children and communities with limited healthcare access face increased risk of severe illness and death.

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