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Banks see 30% profits increase

Bahamian commercial banks collectively enjoyed a 30 percent year-over-year profit increase to $109.2m during the 2023 second quarter due to rising interest income, it was revealed yesterday.

Central Bank expects growth at ‘moderated pace’ in economy

The Central Bank revealed yesterday that the reduction in external reserve balances for November slowed by over $77.8m from 2022, reflective of net foreign currency outflows through the private sector.

National debt up as spending rises faster than revenue growth

The Central Bank revealed yesterday that the national debt grew by $206m over the last quarter.

'Decade of contraction' ends with $50m credit expansion

The Central Bank's governor yesterday revealed "a decade of steady contraction" in lending to the private sector was halted by 2023's $50.3m credit expansion although mortgage activity remained "subdued".

‘Headwinds’ slash J S Johnson profit 12.54%

J S Johnson’s managing director is warning that “industry headwinds” across its business have slashed profits by 12.54 percent or almost $900,000 for the year to end-September 2023.

Commonwealth hails $63.5m profit amid 91% claw back fall

COMMONWEALTH Bank yesterday hailed its “second most profitable” year-ever through $63.5m in net income that was generated despite a near-91 percent drop on COVID loss provision write-backs.

‘Non-controllable’ cost surge blocks bank matching 2022

Commonwealth Bank believes it would have come close to matching 2022’s “extraordinary” nine-month profitability had it not been for $3m in new Business Licence fees and utility costs “more than doubling”.

Delay dividends to give bigger payout, BOB told

Bank of The Bahamas should have waited to pay a more substantial dividend than its recent one cent per share declaration after a 49.6 percent jump in profits, an investor argued yesterday.

Commonwealth cuts loan delinquency by up to 5%

Commonwealth Bank says non-performing loans have reduced by between 1-5 percent across all credit segments since year-end 2022 as its portfolio expands faster than market growth.

Minister’s $185k CARIFTA ‘surplus’ came from 360% subsidy overshoot

A Cabinet minister yesterday asserted that last year’s CARIFTA games generated a $185,503 “net surplus” even though this was only made possible by a taxpayer subsidy over four times’ higher than budgeted.

LPIA operator leaves its COVID debt woe behind

The Bahamas' major airport continues to leave its COVID debt woes behind it with the coverage ratio stipulated by its lenders now healthier than it has even been since the pandemic started.

‘Sting operations’ net 1,500 pounds of illegal grouper

A senior fisheries official yesterday revealed that “sting operations” over the past three weeks have netted more than 1,500 pounds of Nassau grouper caught illegally out-of-season.

Kaitlyn first Bahamian female to participate in collegiate water polo

KAITLYN Williams, the first Bahamian female to participate in collegiate water polo, scored a goal as the Iona Gaels women’s water polo picked up a 15-13 overtime win over Salem over the weekend.

Gov’t: We won’t add to gasoline pump prices

A Cabinet minister is voicing hope that reductions in global oil prices and energy costs will give Bahamian petroleum retailers some relief outside their long-desired 30 cents per gallon margin increase.

Mingoes start slow against Inter-Nassau, pull off 4-0 victory

THE University of The Bahamas men’s soccer team started slow against Inter-Nassau FC – 17 in their Bahamas Football Association match.

GB entrepreneur to crowd fund entertainment centre

A Grand Bahama entrepreneur will formally announce his bid to crowd-fund the development of an entertainment centre on February 3.

Doctors Hospital: Blake Road revenues surge on gov’t deal

Doctors Hospital has revealed that in-patient revenues at its Blake Road facility near-quadrupled during its 2024 first quarter due to the deal to treat public healthcare patients there.

CARIFTA TV payment cut in half on contract breach

An upfront $50,000 cash payment related to broadcasting rights for last year’s 50th CARIFTA track and field championships was cut by 50 percent after organisers breached the contract.

Public sector debt drops $93m during first quarter

Total public sector debt fell by $93m during the first quarter of the 2023-2024 fiscal year, it was disclosed yesterday, cutting it slightly from its June peak as the foreign currency share fell by 1.5 percentage points.

Gas retailers: ‘This is the time’ for margin increase

Bahamian petroleum retailers yesterday urged “this is the time” to grant a margin increase following last week’s 64-cent price drop with many said to be on the brink of “throwing away the keys”.

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