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Fidelity in 37% profit rise as moral hazard increases

Fidelity Bank (Bahamas) yesterday said its net income to end-September remained 37 per cent above 2011 comparatives, despite some mortgage borrowers defaulting in hopes of benefiting from the Government’s mortgage relief plan.

Colina profits rise, cautious over VAT

Colina Holdings Bahamas yesterday reported another profitable quarter in 2013, with operational performance yielding a period-over-period increase in total premium revenue and an $11.7 million growth in the asset base.

Bahamas 'bullish' on Latin America

MIAMI, FL - The Bahamian financial services industry remains “very bullish” on the Brazilian market, a Cabinet Minister telling this newspaper yesterday that the Smart Fund 7 model could be used as leverage to create other products.

AML: $2m in extra tax equals 60% of profits

AML Foods is facing a $2 million increase in its annual tax bill due to the Budget, a sum equivalent to 60 per cent of its projected net income.

FINCO chief warns on low growth ‘challenge’

FINCO’s chairman has warned shareholders it will “continue to be challenged” with low growth and credit losses despite a more than four-fold increase in net income to $39.235m for the 2021 financial year.

URCA mandates 15-year renewable payback clarity

Regulators have mandated that Bahamas Power & Light (BPL) alter its renewable energy interconnection agreement to give homeowners certainty of a 15-year payback, and make it clear that ‘fuel charge’ compensation is only temporary.

Delinquent bank loans push beyond $1bn mark

Delinquent bank loans pushed beyond the $1 billion mark in May, with net passenger departures through the Bahamas’ major airport down 3.4 per cent for the first five months of 2017.

Flowers: Web shop numbers 'don't mean a hill of beans'

A leading web shop operator yesterday said the industry’s current financial numbers “don’t mean a hill of beans”, arguing that the sector’s performance would change markedly in a regulated environment,

FINCO’s $2.7m New Year present for investors

Finance Corporation of the Bahamas (RBC FINCO) is giving its shareholders a New Year’s present by paying out a total $2.7 million dividend - the first such capital return to investors for three years.

Commonwealth Bank takes dividends to $30m

COMMONWEALTH Bank has given its 6,000-plus shareholders some extra Christmas cheer by paying an extraordinary $0.02 per share dividend on December 22.

Grand Lucayan waiting on $20m Dorian claim

The Grand Lucayan has yet to receive its expected $20m Hurricane Dorian insurance claim payout even though the property’s sale to the Royal Caribbean/ITM joint venture was completed over two months ago. Michael Scott, chairman of Lucayan Renewal Hol

FOCOL to drive 36% profit rise for Sunshine

Sunshine Holdings is projecting its net income will increase by 36 per cent over the next three years to more than $9 million, with BISX-listed FOCOL Holdings driving much of the improvement.

Corporate income tax: Not ‘holding the bag’

The Bahamas Motor Dealers Association’s (BMDA) president says a corporate income tax levied on net profits would be “fantastic” for the industry if it eliminates a Business Licence regime that can tax companies into a loss.

Inflation jumps five-fold to back PM’s warning

The Central Bank yesterday revealed that annual inflation for the year to June 2022 increased almost five-fold compared to the previous 12 months to give a stark indication of the cost of living crisis facing many Bahamian families.

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.

THE PRESS BOX: Big names are on the move as NBA trade season opens

THE NBA trade season is in full swing now that we’ve reached December 15, the unofficial starting point. Here are a few big names that could be on the move to new NBA homes, in very short order.

Cable targets $80m New Providence fibre roll-out

Cable Bahamas plans to invest $80m over the next two-three years on rolling out its New Providence fibre-to-the-home network, its top executive has revealed.

Doctors targeting 23% capital investment rise

Doctors Hospital is planning to invest $4.2 million in capital improvements to its business during its 2014 financial year, the previous year’s bottom line having been impacted by a $1.135 million ‘start-up’ loss.

Insurer's flood claims equal 30% of profits

A Bahamian insurer believes its net loss from last month’s flooding in New Providence will equal 30 per cent of its projected 2013 profits, and be greater than that incurred from Hurricane Sandy.

Permanent residence reforms 'no hedge' on tax info share

The proposed permanent residency reforms are “not a hedge” against OECD/G-20 plans for a worldwide automatic exchange of tax information system, a leading financial services executive said yesterday.

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