Shareholders were treated to welcome news at the Commonwealth Bank annual general meeting (AGM), as executive chairman William B. Sands Jr. announced a 20 percent increase in the 2011 quarterly common dividend to six cents per share from last year's five cents per quarter. Nearly 300 Commonwealth Bank shareholders filled the ballroom at SuperClubs Breezes, Cable Beach, for the annual general meeting held on Wednesday, May 18. Under the theme "From Strength To Strength", shareholders heard a glowing report on what marked the 51st. year of the bank's operations. "Your bank continues to grow from strength to strength," said Sands. "I am pleased to report that the bank recorded a new high of $1.4 billion in total assets in an economy that has still not recovered from the 2008 downturn." Net income for the year was $53.8 million, a new record for the bank and a 27 percent increase over the results recorded in 2009. The chairman's report further revealed to shareholders that while a challenging operating environment in 2010 repressed loan growth, the bank was able to meet or exceed many of the significant objectives. Mr. Sands also recognized the bank's shareholders whose continued support and loyalty contributed to the company's overall success. In 2010, the bank was again able to sustain its long-standing and consistent dividend program, distributing more than $25.6 million to common shareholders. With the bank's continual strength in performance, it has maintained a position as the largest public company traded on the Bahamas International Securities Exchange (BISX). Sands also disclosed that during the year, the bank successfully expanded its Saturday banking service to a third branch in New Providence - Oakes Field Branch - and launched a major development project at its Marsh Harbour, Abaco branch. Speaking to the latter, Sands said that the branch expansion project would serve to accommodate the rising economic activity on the island. "It is important to the board of directors that the bank invests in our local communities and continues to support the growth and revitalization of the areas in which we do business. When the branch is completed in the fourth quarter 2011, it will transform the existing structure by adding an additional 6,000 square feet and creating a modern state-of-the-art full-service facility featuring the bank's signature design and amenities." Overall, the bank remains cautiously optimistic as it looks to the future and the anticipated domestic economic and global recovery. Economic indicators point to the beginning of a recovery in late 2011 or early 2012. The bank's president Ian Jennings noted that Commonwealth Bank has always been a market leader, and its business model has provided it with a strong, time tested foundation, which allows it to quickly adjust to market diversities in order to maximize the opportunities that exist. "Our underlying strategy is to continue to produce long-term, profitable growth by delivering exceptional value to our customers, shareholders and communities through a well controlled and risk mitigated environment," he noted. The evening ended on a celebratory note, as the bank saluted former chairman T. Baswell Donaldson, CBE on his retirement after an outstanding and distinguished career of 13 years of service, marked by the bank's asset and profitability growth and its focus on distinctive customer service.
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