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Bank closes US branch

Bank of the Bahamas International yesterday confirmed it had effectively closed its sole US branch on June 30, after regulatory changes made its business model “non-viable”.

Bank 'slightly off' $3m profit target

Bank of the Bahamas yesterday said it was “slightly off expectations” of a $3 million half-year profit, largely due to a 189 per cent year-over-year increase in loan loss provisioning.

'Major jewels' hit spurs bank into 15% consumer loan share

Bank of the Bahamas International yesterday confirmed it had joined the industry trend of focusing on higher-yielding consumer loans, growing these to 15 per cent of its portfolio after the recession hits its “major jewels in the crown”.

Bank unveils 91% profits increase

Bank of the Bahamas International says its business restructuring, coupled with improved margins and an increase in new business, drove a 91 per cent net income increase for its 2013 first quarter.

Bank targeting 30% share increase for electronic services

Bank of the Bahamas International has room to increase its non-credit services’ revenue share by 30 per cent over the next five years, its managing director yesterday saying investments in this area were starting to “pay off” with results trending “upwards”.

‘Unusual’ full allocation from $200m bond issue

The Government’s $200 million bond issue has been fully subscribed, one leading banker telling Tribune Business it was “sort of unusual” that his institution received its full allocation.

Bank targeting 50% fee income by 2017

A BISX-listed bank yesterday said fee income would account for 50 per cent of its revenues by 2017, after opting to “bite the bullet” on loan loss provisioning and incur a $389,000 third quarter net loss.

$9.4m increase 'no evidence' of moral hazard on mortgages

A leading banker believes there is “no evidence” to show the almost-$10 million May increase in mortgages between 31-90 days in arrears was produced by moral hazard relating to the political parties’ relief plans, adding that data indicates the bad credit situation is “bottoming out”.

Bank: E-platform can 'equal' credit for profit share

BANK of the Bahamas International's managing director yesterday said its business e-commerce platform had the potential to "equal" the contribution its loan portfolio made to its bottom line, telling Tribune Business the facility was expected to be "profitable from year one".

Banks: 'No dent' in bad loans for 12-18 months

BAHAMIAN commercial banks expect that high liquidity and non-performing loan levels, the latter of which now exceeds 19 per cent, will be "maintained for another 12-18 months" at least unless something sparks a dramatic reduction in unemployment.

Banks to replace $130m in capital

BAHAMIAN-owned commercial banks will have to phase out and replace some $130 million in collective preference share capital over the next decade, a task that has been described as a "significant change but not onerous".

Bank warns on provisions rise

BANK of the Bahamas International has warned investors it may have to increase loan loss provisions further during its financial year's second half, its managing director telling Tribune Business it was "grappling" with the inability to rapidly sell distressed real estate assets.

The Tribune

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