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Gov’t drove 59% of $523m reserve rise

The Government accounted for 59 percent of the 2022 first quarter’s $523m rise in The Bahamas’ foreign currency reserves, the Central Bank’s governor has revealed, although the banking sector subsequently took on the greater share.

BOB takes $6.3m hit over Gov't downgrade

Bank of The Bahamas' was forced by the Moody's 'junk' downgrade of the Government's sovereign creditworthiness to take a $6.3m provisioning hit, its managing director said yesterday.

After day 2, Weech 36th overall at Optimist Championships

JOSHUA Weech set a personal goal of being a top 30 finisher at the 2019 Optimist North American Championships and the Bahamas’ team captain made a major advancement toward that goal on day two.

J S Johnson net profit off 25% on big losses

J S Johnson yesterday said it had managed to maintain 2011 dividend levels in line with the previous year, despite suffering a 25.1 per cent net income drop as a result of net claims incurred by its Insurance Company of the Bahamas (ICB) underwriting affiliate more than doubling.

CIBC enjoys ‘best result’ for 11 years

CIBC FirstCaribbean’s Bahamian unit enjoyed its “best performance for 11 years” after 2018 profits rose nearly 11 percent due to improved loan book performance and rising US rates.

Colina Holdings Bahamas Limited post strong half-year financial results

COLINA Holdings Bahamas Limited (CHBL) has posted strong half-year financial results with a total net income of $6.9 million.

NPIF reports 7.25% return year-to-date

THE New Providence Income Fund Ltd (NPIF) launched by Sterling Financial Group last January, has reported a year-to-date return of 7.25 per cent to its investors.

Colina reveals 21% profit rise

COLINA Holdings (Bahamas) Limited enjoyed a 21.4 per cent year-over-year increase in net income, and a $22.3 million asset base growth 2013.

Colina generates 27% investor profit rise

Colina Holdings (Bahamas) yesterday said a strong 2014 first quarter had generated a 27.2 per cent increase in net income attributable to ordinary shareholders, with total assets growing $14.8 million in three months.

CIBC profits drop 15% on inflation, provisions

A BISX-listed bank has blamed a combination of inflationary pressures and $22m year-over-year increase in loan loss provisions for a near-15 percent decline in its 2022 full-year profitability.

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.

COB worker’s pay changed, jury told

SUPREME Court jurors heard yesterday how former College of the Bahamas employee Chimeka Gibbs’ salary deductions and consequent net pay fluctuated both monthly and yearly, from 2008 to 2015.

Bahamas in $40m foreign property buyer ‘outflows’

The Bahamas has suffered two consecutive years of $40 million-plus net real estate outflows due partly to the exit of foreign buyers, the Central Bank’s governor confirmed yesterday, with inward investment flows falling to $163.2 million in 2016.

Arawak port predicts 20% profits plummet

New Providence's major commercial shipping port is projecting a near-20 percent year-over-year profit decline for its current financial year as COVID-19 depresses demand for cargo imports.

COVID lockdown's $1bn tourism blow

The Bahamas lost around $1bn in tourism earnings at the COVID-19 lockdown's peak as this nation became a "net payer" for travel-related services for likely the first time in its history.

Illegal netting threatens $1.5m bonefish investment

A Long Island bonefishing lodge owner says his $1.5 million investment and six jobs are being jeopardised by illegal netting, which threatens to “wipe out” the industry within the next five years.

First BOB dividend in 11 years ‘a miracle’

Bank of The Bahamas’ first dividend payment for 11 years was yesterday hailed as “a miracle” by its long-suffering shareholders after it reported its second consecutive year with profits above $11m.

BISX-listed firms blame profits drop on inflation

Two BISX-listed companies have blamed surging inflation for a margin squeeze that resulted in first-half and second quarter 2023 profits slipping against prior year comparatives.

FINCO’s repossessed collateral jumps 30%

Royal Bank of Canada’s (RBC) BISX-listed mortgage arm narrowly beat prior year comparatives with $40m in profits for the year to end-October 2022 following recovery of more than $16m in credit loss provisions.

GB Power capital raising ends $19m ‘current deficit’

Grand Bahama Power Company’s (GBPC) successful $32 million preference share issue will eliminate a $19.205 million deficit that previously existed between its current assets and liabilities, with its net income performance already showing the benefits of its revised tariff structure.

The Tribune

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