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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 unveils 24.5% net income decline
Commonwealth Bank yesterday unveiled a 24.5 per cent net income drop for the nine months ended September 2012, as provisions relating to non-performing loans took their toll on the bottom line.
Campaign estimates tax income
THE government will gain as much as $70 million from a legalised numbers industry, according to organisers of the vote “yes” campaign yesterday.
North Abaco candidates show assets in declarations
THE official declaration of candidate assets and liabilities revealed quite a range between the three North Abaco by-election hopefuls in terms of financial standing.
RBC OPENS NEW OFFICE AT ALBANY
Royal Bank of Canada (RBC) has moved closer to its high net worth clients by opening an office at Albany to serve such customers.
Bahamas First suffers $6.5m bottom line hit
BAHAMAS First Holdings' (BFH) chief executive yesterday expressed concern about the "unprecedented" level of fire claims the general insurance group incurred in 2011, telling Tribune Business that together with Hurricane Irene-related losses these produced a collective $6.5 million bottom line hit.
‘Sell, sell, sell’ BOB even with 164% profit rise
The government’s priority with Bank of The Bahamas (BOB) must be to “sell, sell, sell”, a prominent minority shareholder argued yesterday, despite half-year net income increasing by 164 percent.
Gov’t making business into ‘social safety nets’
The Government was yesterday accused of seeking to transform Bahamian businesses into “social safety nets” by eliminating the Employment Act’s current ‘12-year cap’ on redundancy pay.
BOB ‘can’t say we’re bank’ till loan growth
Bank of The Bahamas cannot truly “say we are on the way back” until it generates sustainable loan book growth again despite enjoying a 2022 financial year in which profits more than doubled to hit $11.218m.
Bahamas First cools over BISX listing
Bahamas First cools over BISX listing By NEIL HARTNELL Tribune Business First Bahamas First Holdings, the general insurance holding entity, has yet to take "a hard and fast decision" on whether to list its ordinary shares on the Bahamas International Se
BOB targeting ‘real growth, not loan loss management’
Bank of The Bahamas yesterday said it was seeking to drive sustained profitability “from real growth as opposed to managing delinquency provisions” after enjoying a positive $14m bottom line swing.
VAT 'almost as large as Y2K'
Value-Added Tax (VAT) at the Government’s proposed rate would grow the Bahamian economy by 16.5 per cent over 12 years, an Inter-American Development Bank (IDB) study has shown, despite one businessman yesterday likening the confusion over the new tax to Y2K.
$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.
Regulators unveil pricing structure for renewables
Regulators have confirmed a new net billing-based compensation mechanism for renewable energy providers providing power to Bahamas Power & Light’s (BPL) grid with rates based on the latter’s “non-hedged avoided fuel cost”.
Brewery chief: Pre-COVID revenues not back till 2023
Commonwealth Brewery’s managing director has warned shareholders not to expect the group’s revenues to fully recover from COVID-19 “before 2023” following a $38.2m drop-off last year.
Ansbacher enjoys $5m profit swing
The enlarged Ansbacher (Bahamas) appears to have turned the corner after a second merger in six years, engineering an almost-$5 million profit reversal after incurring successive losses.
Foreign reserves stay over $3bn despite May decline
The Bahamas’ foreign currency reserves closed May 2022 above $3bn despite a $65m drop-off during the month, with the Central Bank reiterating its belief that they remain “more than adequate” to sustain the US dollar peg.
BOB triples value of loan recoveries
Bank of The Bahamas more than tripled the value of recovered loan collateral to $3.5m during its 2022 financial year as a result of intensified focus on reclaiming distressed assets.
Governor adjusts 2022 GDP growth to 6-8%
The Central Bank’s governor yesterday adjusted 2022 economic growth projections to 6-8 percent, with The Bahamas not expected to “fully erase” COVID’s impact before 2023 “at the earliest”.
