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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”.
Senior official to oversee Social Safety Net scheme
THE appointment of a senior government official to oversee the process leading to the implementation of the Social Safety Net Programme is a clear sign of the government’s commitment to improving the lives of citizens, Minister of Social Services and Community Development Melanie Griffin said.
Griffin: Budget aggressively deals with social issues
THE government’s 2013-14 budget contains an “aggressive, socially-driven, agenda that will wipe every tear from every eye,” Minister of Social Services and Community Development Melanie Griffin said.
Govt collects $150m in new net revenue from VAT
Preliminary results show that, up until June, the government collected $150 million in new net revenue from VAT, State Finance Minister Michael Halkitis said yesterday.
Team Bahamas shines at Arkas Optimist World Championships
Team Bahamas delivered several milestone performances at the 2022 Arkas Optimist World Championships.
Kalik maker overcomes $15.8m cost hike with 67% profits jump
COMMONWEALTH Brewery overcame an inflation-driven $15.8m increase in total costs to yesterday unveil 66.7 percent year-over-year profit growth for 2022.
Ministers hails 'unprecedented' $140m social protection net
A Cabinet minister yesterday hailed the 2020-2021 Budget’s expanded $140m social safety net as “an unprecedented measure for an unprecedented time”. Frankie Campbell, minister for social services and urban development, told the House of Assembly dur
FINCO non-accruals strike 11.84% mark
FINCO non-accruals strike 11.84% mark By NEIL HARTNELL Tribune Business Editor Finance Corporation of the Bahamas (FINCO) saw its non-performing loans increase by less than 1 per cent or $519,000 during the first quarter of its 2012 financial year, hitt
FINCO non-accruals strike 11.84% mark
FINCO non-accruals strike 11.84% mark By NEIL HARTNELL Tribune Business Editor Finance Corporation of the Bahamas (FINCO) saw its non-performing loans increase by less than 1 per cent or $519,000 during the first quarter of its 2012 financial year, hitt
