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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.

 

 

Bahamas News

Caribbean Bottling Supports the 27th Basketball Smiles Week  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.

Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable Powerade water bottles and numerous marketing materials.

The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.

Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.

Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.

“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.

Sam Nicholls, Basketball Smiles Camp President and Founder expressed.

“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.

CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.

For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.

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Bahamas News

CWS Supports Transforming Spaces with Premium Products and Unique Cocktails

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CWS brand representative for Bottega and Excellsior wines posing with attendees enjoying glasses of Bottega Gold Prosecco at the National Art Gallery of The Bahamas.

NASSAU, Bahamas — Caribbean Wines and Spirits (CWS), The Bahamas’ premier wine and spirits distributor is thrilled to once again lend its support to Transforming Spaces (TS).

CWS is a proud historical partner of the annual art week which highlights Bahamian art and art spaces. Under this year’s theme, “Chasing Light” Transforming Spaces and Caribbean Wines & Spirits created a memorable art experience.

To mark 21 years of the upliftment and exposure of culture and Bahamian art, CWS offered award winning wines St. Francis, Rebellious, Bottega and Excellsior; premium spirits, Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka, along with the newly added Coors Light Beer from its portfolio.

To kickstart the annual art week, CWS delighted attendees with a tasting of globally renowned Bottega Wines at TS’ Poetry Jam, held at ICE Bahamas. Throughout the event, Bottega brand representatives shared tasting notes, ideal pairings, and insights into the brand’s portfolio.

During the highly anticipated Saturday and Sunday tours, CWS showcased its premium products at select art galleries.

Attendees enjoyed Rebellious and St. Francis wines at The Current: Baha Mar Art Gallery and Museum, Bottega and Excellsior wines at the National Art Gallery of The Bahamas, Coors Light beer at the University of The Bahamas Pro Gallery and hand-crafted Schweppes mixes featuring Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka at CAB Gallery & Studio.

Throughout the two-day tour, CWS product specialists enriched the experience by providing a deeper appreciation for their exceptional beverage portfolio.

Members of the Transforming Spaces Committee expressed their appreciation towards CWS’ support after another successful art week.

“Transforming Spaces is deeply grateful for the continued support of Caribbean Wines & Spirits over the years. Their partnership has become such an important part of the TS experience, helping us create welcoming and vibrant moments for our audiences across the tour weekend. From signature wines and cocktail bars to refreshments at gallery stops and pop-up events, their contribution brings an added sense of hospitality, celebration, and connection to the journey through Bahamian contemporary art.” — TS2026 Committee.

Caribbean Wines & Spirits is proud to partner with Transforming Spaces in supporting and elevating the voices and works of Bahamian artists and looks forward to strengthening this partnership for years to come.

To learn more about CWS’ involvement in the community, follow on social media @caribbeanwinesandspirits or visit the website at www.cwsbahamas.com today.

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Government

Government Outlines New Healthcare Vision as Interhealth Exit Accelerates Reform  

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By Magnetic Media Newsroom

 

PROVIDENCIALES, Turks and Caicos Islands — The Turks and Caicos Islands Government says the breakdown of its relationship with InterHealth Canada presents an opportunity to reshape healthcare delivery, with plans to expand local medical services, strengthen primary care and reduce dependence on overseas treatment.

During a national briefing following InterHealth Canada’s notice terminating its hospital contract, Premier Charles Washington Misick acknowledged publicly for the first time that Government and InterHealth had been negotiating an exit from the arrangement for more than a year after what he described as an “irretrievably broken down” relationship.

Despite the contractual dispute, Misick and Health Minister Kyle Knowles stressed that healthcare services will continue uninterrupted during the transition.

“Allow us to do our job,” Knowles appealed, assuring residents that Government is actively managing the transition and safeguarding patient care.

The Premier outlined what amounts to a broader healthcare transformation built around four connected levels of care: strengthened community-based primary healthcare; expanded polyclinic services; enhanced hospital-based secondary care with greater specialist capacity; and overseas tertiary treatment only for cases that cannot be managed locally.

Among the proposals are the long-discussed establishment of intensive care units, expanded use of currently unfinished hospital space, recruitment of more resident specialist physicians and stronger contract management to oversee future healthcare agreements.

Knowles said the new polyclinic model will broaden services available outside the hospitals, including dentistry, ophthalmology, laboratory services, diagnostic imaging, gynaecology and preventative screening, helping to reduce pressure on emergency departments while improving early intervention.

Misick also acknowledged that while the hospital system significantly improved healthcare access after opening in 2010, Government believes further reform is necessary to improve affordability, sustainability and the range of services available within the Turks and Caicos Islands.

The briefing marked the Government’s most comprehensive explanation to date of its plans beyond the InterHealth contract, signalling that officials now see the transition as an opportunity to redesign healthcare delivery rather than simply replace one operator with another.

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