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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.

 

 

News

Subject identified

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SERVICE WITH PRIDE AND INTEGRITY

 

***MEDIA RELEASE***

May 18th, 2024.

Following a police shooting incident on May 14th, the Royal Turks and Caicos Islands Police Force (RTCIPF) is now able to name the deceased male subject, with the permission of the family.

The Serious Crime Unit contacted the relatives of the deceased, and formal identification has taken place, with the subject being identified as 14-year-old Antorens Dorcely, also known locally as ‘Toto’.

During this challenging time, the RTCIPF also expressed its deepest condolences to the deceased’s family, and the force will continue to offer support through our Family Liaison Officer.

In light of this incident, the RTCIPF is urging the public to show respect and sensitivity towards the grieving family by refraining from sharing any footage of the deceased on social media.

Sharing such material can cause additional distress and harm. We emphasize the importance of empathy and respect for the family’s privacy as they navigate their grief. The death of any young person is a loss to the TCI.

The RTCIPF is committed and dedicated to conducting a thorough investigation and ensuring that all aspects of the incident are carefully examined and the findings are communicated transparently to the public.

A request has been made to an external police force to conduct a review of the incident. This is a routine procedure and intended to ensure an independent and objective review of the facts. The community’s cooperation and respect during this time are essential. The RTCIPF assures the public that we remain dedicated to upholding justice and accountability.

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group 

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Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

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Crime

Male Charged with Robbery

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#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have charged a man who allegedly stole a vehicle.

The accused, DANVANTE  BRISCO, 30,  of  Kew Town, Providenciales, was charged with:

  • One Count: Robbery
  • One Count: Taking Motor Vehicle Without Authority
  • One Count: Using Offensive Weapon to cause fear

Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.

The matter was adjourned to July 05 for a Sufficiency Hearing.

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