Connect with us

News

Shareholders Applaud Bank Execs, Directors at AGM for $53 Million Profit Commonwealth Bank ‘Most Profitable of All Banks’ Execs tell Shareholders

Published

on

Nassau, 22 Jun 2015 – For the second consecutive year, Commonwealth Bank reported it was ‘the most profitable of all (retail) banks’ with net earnings of $53.3 million, $16 million higher than its nearest competitor and up from $48.7 million over the year before.

That news of a 7% increase in profits topped a list of positive performance figures for fiscal 2014 reported by the bank at its annual general meeting at SuperClub Breezes May 27, a standing room only event with the crowd applauding and breaking out in cheers more than 30 times.

“Commonwealth Bank continues to be the leader in personal banking services and remains focused on personal banking,” Chairman William B. Sands, Jr., told the packed room, noting that other banks were now “placing more emphasis” on the personal banking platform that has been the core of Commonwealth Bank’s business model. Commonwealth Bank has built its reputation and its success on granting consumer loans for purchases, education, medical and special purpose applications, reducing the risk associated with hefty capital commercial lending and enhancing loyalty. Its average loan value is $17,155.

This was the third time in four years that Commonwealth Bank’s profits exceeded $50 million, profits it has shared with shareholders since it went public with an oversubscribed share offering in 2000. With more than 6,000 shareholders, Commonwealth Bank is the second largest publicly-held company (largest publicly held financial services company) in The Bahamas and accounts for 22% of all trading on the Bahamas International Securities Exchange (BISX). In 2014, the bank paid $.06 per share in quarterly dividends plus an extraordinary dividend for a total of $.30 per share. Equity earnings per share were $0.49.

In other performance figures, the bank reported gross revenues of $139.3 million and total assets of nearly $1.5 billion. The bank’s efficiency ratio, 48.4%, was the sole declining indicator, a result, said AVP & Group Financial Controller, Mrs. Gladys Fernander, of a $5 million increase in business license fees and an increase of 85% in fees overall.

Despite those increases, the bank maintained its commitment to community with contributions totaling $400,000, much of that going to education, including a long-standing partnership with the Ministries of Education and Social Services to provide school backpacks and supplies for thousands of students. The bank’s outreach stretches from the youngest child to the aged in a senior citizens’ home, from the teen mother who wants to earn her high school diploma and find employment to the college student benefitting from a scholarship for future leaders of The Bahamas.

Like other financial institutions, the bank’s internal focus was on managing lending and curtailing bad loans during an economy that continues to be challenging. That focus paid off. Tougher lending restrictions and more stringent collections resulted in a substantial reduction in loan loss impairment with total write-offs of $28.4 million, an 18.6% improvement over 2013 when the bank reported $34.9 million in write-offs. Both years placed Commonwealth Bank’s loan losses far below competitors’ and shareholders were reminded that while some banks in The Bahamas announced in 2014 that they were closing branches, Commonwealth Bank had expanded services and hours and now offers Saturday banking in six locations.

Non-interest income, mostly earned from its subsidiary Laurentide Insurance & Mortgage Co Ltd, stood at $14.5 million.

Total capital was reported at year-end at $294 million, exceeding regulatory requirements by 64% and contributing to share value. Market capitalization rested at $732.4 million and the bank paid out $30 million in dividends.
The domestic capital market responded to those positive performance indicators driving share value up 8.5% in 2014 to close at $7.50.

In looking toward the future, the chairman said Commonwealth Bank would maintain its interest in the consumer market, control loan growth, continue to improve its efficiency in operations as well as in collections and recovery, and devote resources to staff development and succession planning. He hinted at changes in the long-serving board of directors, some of whom have served for more than 30 years. Mr. Sands also said the bank would not be constructing or opening any new branches in the coming year, but would introduce a chip enabled VISA debit card and would also enhance its international MasterCard products with the high-security, chip- enabled card in 2016, to complete its array of MasterCard/SunCard offerings. This represented a significant investment for the Bank.
Given continuing high unemployment and slow growth, Mr. Sands said, cautious optimism will guide the economic outlook until BahaMar opens.

And, according to Commonwealth Bank President Ian Jennings, in such a challenging and competitive environment, “it is critical for service-oriented businesses like Commonwealth Bank to focus on constantly upgrading how they interact with customers, how fast they respond, how well they develop products consumers need.
“We have no foreign parent, we have to protect ourselves, our staff and our shareholders,” said Mr. Jennings, “That is why we take a conservative approach. We never lose sight of the fact that we are a Bahamian bank for every Bahamian and we want you to know that your all-Bahamian bank was once again the first choice of Bahamians for personal banking services and the top performing bank in The Bahamas.”

Shareholders returned the Board of Directors unanimously. Those directors include William B. Sands, Jr., Ian A. Jennings, Rupert W. Roberts, Jr., Roland C. Symonette, Vaughn W.T. Higgs, George C. Culmer, Earla J. Bethel, Larry R. Gibson Marcus C.R. Bethel and Robert D.L. Sands.

Commonwealth Bank with more than 525 employees operates 11 branches in New Providence, Abaco and Grand Bahama. A record crowd of nearly 500 persons attended the annual general meeting for the year January 1 – December 31, 2014.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

News

Porter Airlines Begins Nonstop Service to Turks and Caicos Islands with Toronto to PLS route  

Published

on

Providenciales, Turks and Caicos Islands (November 6th, 2026) – The Turks and Caicos Islands welcomes Porter Airlines as it begins its service to the destination with its inaugural Toronto (YYZ) to Providenciales (PLS) route on Friday, November 6th.  The airline will service the route five times weekly from the Toronto Pearson International Airport.

On December 17th, Porter will launch its Ottawa to PLS flight, a new route for the Turks and Caicos Islands. That route will be serviced twice weekly from Ottawa International Airport (YOW).

Minister of Tourism, Hon. Zhavargo Jolly said the expansion of air service from Canada reflects the growing strength of that market to the Turks and Caicos Islands.

“Canada is showing strong and growing interest in the Turks and Caicos Islands, and we are pleased to see that reflected in the expansion of air service from the market. Porter Airlines’ new nonstop flights from Toronto and Ottawa strengthen our connectivity with Canada and give travellers more convenient options for reaching our islands. Canadians have always shown a genuine appreciation for the culture, heritage, natural beauty and, of course, the people of the Turks and Caicos Islands. Perhaps it is that shared warmth and friendliness that keeps bringing them back, and our partnership with Porter will simply make it easier for Canadians to continue showing their love for our Beautiful by Nature islands. Toronto builds on an important existing market for us, while Ottawa opens an entirely new gateway to the Turks and Caicos Islands. This increased access will make it easier for more Canadians to discover and enjoy our destination, while supporting the continued growth of this important market.”

Hon. Arlington Musgrove, minister responsible for aviation, Turks and Caicos commended his team at the Turks and Caicos Islands Airports Authority (TCIAA) for developing this relationship with Porter.

“The launch of Porter Airlines’ new services from Toronto and Ottawa to the Turks and Caicos Islands is another important milestone in strengthening our connectivity with the Canadian market. Canada remains an important source market for our tourism industry, and these new routes will give Canadians more choice and easier access to the warmth, beauty, and hospitality of the Turks and Caicos Islands. I commend the Turks and Caicos Islands Airports Authority for leading this initiative and for its continued efforts to develop air service and build strong relationships with our airline partners. I also extend our sincere appreciation to Porter Airlines for its confidence in the Turks and Caicos Islands and for choosing our destination as part of its growing network of sun destinations. We warmly welcome Porter, its passengers and crew to our shores and look forward to a successful and lasting partnership,” he said.

To celebrate and promote the new flights, Experience Turks and Caicos hosted a reception in Ottawa for travel advisors and media. Organised by VoX International, our marketing agency in Canada, the event featured remarks by Market Intelligence Manager, Sharissa Lightbourne and Chairman of the TCIAA, Dwayne Gardiner. Nikeva Ariza, Director of Corporate Affairs, Communications and Public Engagement was also in attendance.

The new flights are operated by Porter’s 132-seat Embraer E195-E2. The aircraft features a two-by-two seating configuration, meaning no middle seats for any passenger. Porter’s elevated onboard experience includes complimentary beer and wine served in glassware, premium Canadian snacks, and free, fast WiFi for every passenger.

To book your flight, visit www.flyporter.com.

Continue Reading

News

Turks and Caicos Islands Records Highest Third-Quarter Stayover Arrivals  

Published

on

Providenciales, Turks and Caicos Islands (November 4th, 2026) – The Turks and Caicos Islands recorded its highest number of stayover arrivals for the third quarter of the year, with approximately 130,000 visitors welcomed between July and September, representing a three percent increase over the same period in 2025.

Preliminary figures from Experience Turks and Caicos show that the destination recorded 514,670 stayover arrivals for the first nine months of 2026, an increase of 25,048 visitors, or five percent, compared with the same period last year. Growth was recorded in every month from January through September, underscoring the destination’s continued appeal among travellers and the sustained demand for its tourism product.

 

Stay Over Arrivals by Quarter (2025/2026)

September closed the quarter on a positive note, with 20,204 stayover arrivals, seven percent more than the 18,795 recorded in September 2025. The year-to-date total of 514,670 is the highest number of stayover arrivals ever recorded for the January-to-September period.

Commenting on the record stayover arrivals, Minister of Tourism, Hon. Zhavargo Jolly said: “These record arrivals are an encouraging achievement for the Turks and Caicos Islands and a reflection of the continued confidence visitors have in our destination. However, I’ve always maintained that the true measure of tourism’s success cannot simply be the number of visitors arriving on our shores. It must also be measured by the opportunities we create for our people.”

“Our vision is to build a stronger, higher-value tourism industry where Turks and Caicos Islanders are not simply employees, but entrepreneurs, business owners and active participants in the economic opportunities tourism creates. This is why our recent Community Connect meetings across the sister islands were so important. We want to engage directly with our communities, understand their challenges and ensure that as our tourism industry grows, the opportunities for our people grow alongside it. Ultimately, tourism must do more than bring people to our shores. It must improve the lives of the people who call these islands home.”

Cruise arrivals reflect return to regular itineraries

Cruise passenger arrivals at the Grand Turk Cruise Port followed a different trend during the first nine months of 2026, with figures reflecting a return to more typical cruise itineraries following an unusually strong period in 2025.

Last year, cruise lines added Grand Turk to their itineraries, resulting in exceptionally high passenger volumes and cruise calls. With itineraries returning to more regular patterns this year, cruise passenger arrivals declined year over year throughout the first nine months.

The destination received 62,095 cruise passengers in September, a 22 percent decrease from the 79,341 recorded in September 2025. From January through September, total cruise passenger arrivals stood at 838,533, compared with 1,016,532 during the same period last year, representing an 18 percent decline.

Cruise Arrivals by Quarter (2025/2026)

While the cruise figures reflect a normalisation from last year’s elevated numbers, the continued growth in stayover arrivals provides a positive indicator of the destination’s performance in its overnight visitor market.

It is projected that the month-on-month increases in stayover arrivals will continue into the upcoming winter season, especially with the additional airlift expected from new and existing gateways in Canada and the US.

 

Continue Reading

Independent writer

Wild, Free, and Out of Control: Grand Turk’s Animal Debacle Is No Island Secret

Published

on

Turks and Caicos, October 31, 2026 – Once again, I feel compelled to put pen to paper on this matter.  You don’t expect to slam your brakes in paradise.  But in Grand Turk, it’s becoming routine.

Donkeys roam along roadsides, darting into traffic, while packs of dogs linger around neighborhoods.  Tourists and residents alike face dangerous encounters with animals that, while symbolic of Grand Turk’s identity, now pose very real threats to public safety and themselves.

I’ve had near misses myself, and I’m not alone. This is no longer simply an island charm issue; it’s an unfolding dilemma that demands attention.

Grand Turk has a long history of romanticizing its animals. Donkeys, once essential to the island’s salt trade in the 1800s, are now part of its distinctive character. Yet neither they nor the growing population of free-roaming dogs are being adequately managed.

Estimates place the donkey population at around 500 on an island measuring just 10.5 square miles, with approximately 4,000–5,000 residents and tourist numbers that can double on cruise ship days. Add dogs that are quasi-owned—fed occasionally out of pity or when they wander onto someone’s property, but rarely properly cared for or contained—and the scale of the problem becomes clearer.

Feeding a dog occasionally is not the same as taking responsibility for it. The same applies to owners who fail to provide adequate fencing, allowing their dogs to roam freely through neighborhoods and onto public roads. Responsible ownership requires more than occasional feeding; it means ensuring an animal’s welfare while protecting the wider community.

Tourists may marvel at roadside donkeys or follow a friendly dog to the beach. But they don’t necessarily witness the accidents, injuries, property damage, and scattered garbage. Nor do they see how open grazing areas are disappearing beneath roads, homes, and new developments.

So, whose space is it now? Are the animals invading ours, or are we gradually taking theirs, leaving less vegetation for them to feed on?

This is not simply a debate about animals. It is about responsibility, planning, and public safety.

Grand Turk’s Department of Agriculture faces a challenging predicament. The Turks & Caicos Society for the Prevention of Cruelty to Animals (TCSPCA) does what it can, but without adequate funding and government support, its capacity remains limited. Volunteers continue to step forward, yet goodwill alone cannot resolve a problem of this magnitude.

There are several suggestions from avid Hooves & Paws TCI volunteers: Establish satellite watering holes away from high-traffic areas, properly maintain existing ones, or explore the creation of a donkey sanctuary etc.

We have recently welcomed the long-awaited arrival of a full-time veterinarian, but that alone is not enough. Support vehicles, appropriate facilities, and equipment for the safe and humane capture and treatment of animals are also essential.

There is another uncomfortable question that deserves an answer: Is the Department investing in the training and resources needed for the humane euthanasia of severely injured animals when recovery is no longer possible, rather than leaving police officers to resort to shooting them?

There may be emergencies in which officers must act immediately to protect human life. However, emergency responses should not replace a properly funded animal management programme. Severely injured animals deserve a humane, professional response, with veterinary guidance wherever circumstances permit.

We have also heard concerning reports of animal mutilation. Such reports warrant serious attention and, where appropriate, proper investigation. Animal welfare must be part of this conversation, not an afterthought.

If Grand Turk wants to preserve its Beautiful by Nature identity, it needs more than slogans. It needs enforcement, practical solutions, and a willingness to acknowledge that some animals are suffering while others pose genuine dangers to residents and visitors.

No one wants to strip the island of its character. Donkeys, dogs, horses, cows, and even the occasional roaming of goats or roosters contribute to the experience that makes Grand Turk memorable. But when charm becomes a hazard and beauty collides with danger, it is time to stop romanticizing the situation and start organizing around solutions.

There is no single, perfect answer. But continuing to do too little only increases the risk of more accidents, more suffering, and further damage to the environment we claim to cherish.

The wild can still be free, and humans and animals can coexist. But that balance requires responsible ownership, humane treatment, effective enforcement, adequate resources, and government leadership.

This administration must work alongside local volunteers, expatriate residents, animal welfare organizations, and the private sector to develop sustainable strategies before neglect leads to irreversible consequences.

Grand Turk’s animals are part of our heritage. Protecting that heritage means protecting the animals, the people who share this island with them, and the visitors who come here expecting paradise.

Ed Forbes

Continue Reading

FIND US ON FACEBOOK

TRENDING