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Commonwealth Bank Chairman – ‘Proven Business Model Results in Sustained Profitability’

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Bahamas, March 3, 2017 – Nassau – Commonwealth Bank today reported unaudited total profit of $57.4 million for 2016. Total assets climbed to $1.6 billion at December 31, 2016. Earnings closely paralleled those of 2015 showing only a 0.7% decline. Total assets were up 4.8% over 2015. “Through continued reinforcement of the Bank’s longstanding business model coupled with a conservative risk assessment process and a sound credit administration program, we were able to effectively weather the economic headwinds experienced during 2016,” said Executive Chairman William B. Sands, Jr..

The Bank’s return on assets (ROA) ratio was 3.36% (2015: 3.51%) while earnings per share (EPS) and return on equity (ROE) were $0.54 (2015: $0.54) and 21.13% (2015: 24.89%), respectively. The Bank indicated that the decrease in ROA and ROE is as a result of the growth in the Bank’s overall assets and equity, respectively while the net income was virtually unchanged.

Mr. Sands was pleased to advise that The Bank continued its historical pattern of dividend distribution to shareholders as it paid out total dividends of more than $35 million in 2016 ($0.36 per share) to the Bank’s common shareholders which includes $5.9 million that related to 2015 earnings.  Additionally, the Bank paid quarterly dividends totaling $5.1 million to preference shareholders.

With a non-performing loan ratio of 4.22%, the Bank continues to report stronger overall credit quality ratings than the industry average of 12.32%. The Bank remains focused on ensuring that the growth in the credit portfolio comes as a result of good quality loans which continues to be a challenge given the current economic environment.

In the fourth quarter, the Bank introduced its chip enabled VISA debit card which offers an improved level of security and convenience to customers. With the new debit card, customers are able to perform point-of-sales and ATM transactions both locally and internationally. To date, customer acceptance and usage of the debit card has been encouraging.

Mr. Sands indicated that even though the year was a challenging one, community and social responsibilities remained important to the Bank. Including contributions to the Bahamas Red Cross, the National Emergency Management Agency (NEMA), The Salvation Army and the Cancer Society of The Bahamas, the Bank’s total financial support of the community totaled $834,000 in 2016.

The Bank attributes much of its success to its 500 plus team of highly engaged professionals who constitutes the essential driving force of the Bank.

 

 

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Police Commissioner Honoured with Distinguished Civic Service Award at TCHTA Star Awards

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Providenciales, Turks and Caicos Islands – Commissioner of Police Fitz Bailey has been recognised for his contribution to national security and the tourism industry, receiving the Distinguished Civic Service Award at the Turks and Caicos Hotel and Tourism Association’s Star Awards held on February 19, 2026 at Beaches Turks and Caicos.

The annual awards ceremony is the premier recognition event for the territory’s hospitality sector, bringing together industry leaders, executives and frontline professionals to celebrate excellence and the individuals whose work strengthens the destination’s global reputation.

Commissioner Bailey was honoured for his strategic leadership in the fight against crime and the measurable reductions in major offences, efforts widely credited with improving public confidence and reinforcing the Turks and Caicos Islands’ standing as a safe and competitive tourism jurisdiction.

In accepting the award, the Commissioner dedicated the recognition to the officers and staff of the Royal Turks and Caicos Islands Police Force, praising their commitment and professionalism in what he described as a collective national effort to make the islands more secure.

The TCHTA Star Awards spotlight the link between public safety and tourism performance, acknowledging that a stable and safe environment is essential to visitor confidence, investment and the continued growth of the sector.

This year’s ceremony featured high-energy hosting by Super P the Entertainer, with Omega serving as awards announcer, as the industry gathered to honour the people and partnerships that continue to elevate the Turks and Caicos brand.

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New Chartered Accountant Member Appointed to The Integrity Commission

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Darius E. Ferguson, Member of the Integrity Commission Board

Providenciales, Turks and Caicos Islands – Friday, 27 February 2026: Her Excellency the Governor, Dileeni Daniel-Selvaratnam, today announced the appointment of Mr. Darius E. Ferguson as a Member of the Integrity Commission Board, serving as the Chartered Accountant Member in accordance with Section 3(2)(a) of the Integrity Commission Ordinance. His appointment is for a period of three (3) years and follows consultation with the President of the Turks and Caicos Islands Society of Professional Accountants.

Mr. Ferguson, with family ties to Providenciales and South Caicos, is a Chartered Accountant with over twenty years of senior leadership experience across aviation, finance, technology and consultancy, he brings a strong and diverse background in financial governance, regulatory compliance and strategic planning.

A former Chief Financial Officer of Sky Bahamas Airlines for a decade, Mr. Ferguson managed all financial reporting, regulatory engagement, capital projects and commercial development initiatives. He previously served in senior audit roles at both Ernst & Young LLP and PricewaterhouseCoopers LLP, leading high‑risk audit engagements and ensuring adherence to international financial and accounting standards.

Throughout his career, Mr. Ferguson has demonstrated a strong commitment to professional ethics, community leadership and organisational accountability. His experience across corporate governance, financial oversight, and operational risk management will bring valuable strategic insight to the Integrity Commission.

Her Excellency the Governor welcomed the appointment, stating:

“Mr. Ferguson’s extensive background in financial management, auditing and governance, together with his leadership experience across both corporate and community sectors, make him well‑suited to serve on the Integrity Commission. His appointment strengthens our ongoing commitment to integrity, transparency and accountability in public life. I am confident that he will make a meaningful contribution to the Commission’s important work.”

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Multi-Agency Planning Enforcement Action Conducted in Five Cays

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Providenciales, Turks and Caicos Islands – Friday, 27 February 2026: The Informal Settlements Unit (ISU), in collaboration with key government agencies, coordinated a multi-agency enforcement exercise on Thursday, 5 February 2026, at Block and Parcel 60503/17 in the Five Cays area.

The exercise was led by the Planning Department, pursuant to its statutory authority under the Physical Planning Act to address unauthorised development. The ISU coordinated the operation, with support provided by the Crown Land Unit and the Turks and Caicos Islands Border Force, while the Royal Turks and Caicos Islands Police Force ensured security throughout the activity.

The enforcement action formed part of a Public Private Partnership initiative between the Turks and Caicos Islands Government and private landowners. The registered owners of the land would have sought the state’s assistance to issue copies of Section 58 Enforcement Notices on unlawful structures identified on the parcel. The subject parcel comprises approximately 25 acres extending across Millennium Highway.

During the exercise, a total of fifty-four (54) copies of the Enforcement Notice were issued on structures located on the parcel. Notices were affixed to structures and served on persons found to be occupying illegal developments.

The Informal Settlements Unit reiterates that these coordinated enforcement exercises form part of the Government’s ongoing efforts to uphold planning regulations, protect property rights, and promote orderly and lawful development. Persons undertaking construction are reminded that development without the requisite planning approvals is unlawful and subject to enforcement action.

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