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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.
Lincoln Bain defends declared net worth and liabilities
COALITION of Independents leader Lincoln Bain defended his $1.8m net worth yesterday, telling The Tribune that he gained his wealth through a successful investment strategy.
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.
$657k ‘pipeline’ blockage kept ArawakX insolvent
The Bahamas’ first-ever crowd-funding platform was branded “no longer solvent at February 2023” by external auditors who warned that $656,500 in “pipeline” revenue could not be used to restore a “net equity” position.
Arawak port beats profit target by 18%
Nassau’s main commercial shipping port yesterday revealed it beat its full-year profits target for 2023 by some 17.7 percent or more than $1.4m compared to original forecasts.
Hitting near 3% growth to make ‘incredible difference’
Economic growth in the “upper 2 percent” range and above will make “an incredible difference” to The Bahamas’ economic prospects if achieved consistently, the Central Bank governor asserted yesterday.
‘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.
Inflation to stay ‘high’ as food costs up 11%
The Central Bank yesterday warned Bahamian consumers that inflation will remain “high” in the near-term, and decline more slowly than in other countries, with food and drink prices rising 11 percent over the year to end-June 2023.
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.
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