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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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Beaches Turks & Caicos shares dining etiquette training at Provo youth summer camp  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos Resort recently collaborated with the Royal Turks and Caicos Islands Police Force and the Department of Social Services to support a youth camp hosted at the Oseta Jolly Primary School, underscoring the resort’s ongoing commitment to youth development in the Turks and Caicos Islands.

The camp, which brought together security forces, government agencies and private sector entities, focused on equipping young participants with practical life skills and character-building tools. A team from Beaches Turks and Caicos’ leadership and training departments joined the programme to deliver sessions on basic table etiquette, dining mannerisms, polite demeanour and public speaking fundamentals, all designed to help the students present themselves confidently in formal and professional settings.

General Manager of Beaches Turks and Caicos, Deryk Meany, said the resort views national development as an integral part of its corporate social responsibility. “We are always happy to be supporters in the development of the youth of the Turks and Caicos Islands. We continue to commit our team to help in creating the next generation of leaders who will provide support to the islands and help in its development,” Meany noted.

The initiative also received strong endorsement from the Ministry of Education, Youth, Sports and Community Development, which has been championing holistic programmes aimed at building well-rounded young citizens. Minister Rachel Taylor highlighted the importance of collaborations like the camp in helping youth access structured guidance and mentorship. “We are happy to join in celebrating the growth and development of our youth here in the Turks and Caicos Islands. Beaches Turks and Caicos continues to be one of our primary supporters in helping to develop well rounded individuals. This commitment from this resort has grown with the vision of the youth ministry to help in their overall development,” she said.

Taylor further emphasized that the camp’s timing was especially significant, coming as youth across the islands seek positive outlets and constructive engagement. “This camp came at the most ideal time for our adolescents. With the support of our governor, the security forces, the social services along with Beaches Turks and Caicos, we are confident that the training needed for them to improve is on the right track,” she added.

Beaches Turks and Caicos Public Relations Manager, Orville Morgan, described the collaboration as an exemplary model of cross-sector partnership. “To be able to join with the security forces to provide support for the youth of the Turks and Caicos Islands is exceptional. We are happy to provide the necessary support to equip them to grow into being productive citizens of these islands,” Morgan said.

He noted that the resort team focused on practical etiquette and hospitality-driven skills that can be carried into the youths’ future experiences. “As a team, we were able to share in the basic table setting and dining etiquette for them, skills we are sure that they will be able to use in their next fine dining experience,” Morgan added.

Organizers expressed optimism that the camp’s blend of discipline, mentorship and soft skills training will have a lasting impact on participants. With stakeholders pledging continued support, the Beaches Turks and Caicos team and their partners aim to expand similar initiatives, further investing in the personal and professional growth of the next generation of Turks and Caicos Islanders.

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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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