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ARREARS '5 PTS BELOW INDUSTRY' BOOST FIDELITY'S PROFIT RETURN
By NEIL HARTNELL
Tribune Business Editor
FIDELITY Bank (Bahamas) has made good on its pledge to return to second half profitability by generating $742,780 in 2010 third quarter net income, its chief executive yesterday telling Tribune Business that its total loan arrears were "running about 5 percentage points below the industry average".
Describing the three months to September 30, 2010, as "a nice recovery" in bringing the BISX-listed financial institution's profits for the first nine months to $415,533 (taking it out of the red), Anwer Sunderji told this newspaper the bank was "reasonably comfortable" it would enjoy consistent profitability through the 2010 fou ...
'SEVEN-FOLD' FIDELITY PROFIT GROWTH TO EASE
By NEIL HARTNELL
Tribune Business Editor
FIDELITY BANK (Bahamas) is unlikely to continue its more than seven-fold increase in net profits for 2011 to-date, returning to growth levels in line with the economy, as it chief executive warned yesterday that the sector's bad loans would require "a three-five year workout".
Speaking as the BISX-listed bank unveiled a 766 per cent rise in net and comprehensive income to $3.184 million for the nine months to end-September 2011, compared to $415,533 the year before, Anwer Sunderji said it was now enjoying "the fruits of repositioning and restructuring".
"It's just executing the same plan we've had for some time, and t ...
Cross-dresser robs bank
A cross-dresser toting a gun held up Fidelity Bank’s Robin Hood branch on Tonique Williams-Darling Highway yesterday and kidnapped the bank’s manager after he took what is reported to be a substantial amount of money, police said.
The robbery, which was executed in under seven minutes, left employees traumatized and prompted bank officials to shut down the branch for the day.
According to police, the robber — a tall dark male wearing a wig, shades, make-up and heels — entered Fidelity’s Money Centre around 10:30 a.m. carrying a large gift box and asked to see the manager.
When the manager came out, the robber allegedly escorted her to her office and de ...
Net income growth for Fidelity
Fidelity Bank Bahamas Limited grew its first quarter profits year-on-year after recording a loss in the three months ended March 31, 2010, posting $1.06 million in net income.
The figures were revealed in the financial institution’s first quarter financial report, which showed the year-on-year turnaround from a $141,956 loss in 2010. The company improved its net income because its total income exceeded total expenses, which didn’t occur in the first quarter of 2010.
Total income increased 41 percent from $3.1 million in 2010 to $4.39 million in 2011, with net interest income rising 53 percent from $1.98 million to $3.05 million and non-interest income improving 19.3 percent f ...
Clearing Banks Association Advisory
Due to the impending threat of Tropical Storm Sandy all Clearing Banks will be closed on Thursday, October 25
and Friday, October 26, 2012.
Bank of The Bahamas Limited, CIBC FirstCaribbean International Bank, Citibank, N.A.
Commonwealth Bank Limited, Fidelity Bank (Bahamas) Limited, RBC Royal Bank (Bahamas) Limited & Scotiabank (Bahamas) Limited
Normal banking hours will resume Monday, October 29, 2012.
Fidelity eyes equity returns in 'mid teens'
By NEIL HARTNELL
Tribune Business Editor
Fidelity Bank (Bahamas) expects its bottom line to "substantially improve" in 2011 after its "dramatic" $1.9 million net income performance in the 2010 second half carried through into the first quarter, its chief executive yesterday telling Tribune Business it was aiming to drive Return on Equity (RoE) into "the low to mid-teens" this year.
Anwer Sunderji said the BISX-listed financial institution's year-end figures, which showed a 15.9 per cent net income rise from $1.357 million to $1.573 million, had "masked" the $1.9 million profit swing during the final six months that reversed a $327,247 net loss during the f ...
Financial advice suggested on Fidelity's CBL share financing offer
Commonwealth Brewery Limited’s (CBL) much talked about initial public offering (IPO) may get a boost from a plan that offers 100 percent financing at interest rates up to 16 percent.
Fidelity Bank is offering the loan as a part of its existing loan consolidation program. At 100 percent financing for an equity security — usually at the very bottom of the pecking order should a company go bust — investors considering the loan option with interest rates far beyond CBL’s recent dividend yields should give the loan careful consideration.
“When individuals are investing in any offer of securities, they should take investment advice from a licenced security ...
Bank profits' short-term hit from rate cut
Commercial bank profits might be negatively hit in the short-term through a net interest margin reduction caused by yesterday's Discount Rate cut, Tribune Business was told, although the sector is likely to "welcome" the move overall.
Anwer Sunderji, chief executive of Fidelity Bank (Bahamas), speaking to the overall sector rather than his own institution, said the Central Bank of the Bahamas' action had been anticipated, given the soaring levels of foreign exchange reserves and excess liquidity in the commercial banking sector, coupled with low credit demand.
However, he explained that commercial banking sector profits might be nega ...
MoneyCentre by Fidelity
Financial Services- Fidelity Bank, Wulff Rd. & Blue Hill Rd.
- Nassau
- Nassau / Paradise Island, Bahamas
Banks React to Data Breach
Another financial institution has pulled the trigger on the partial reissuing of credit cards as the possibility of a major data breach sinks in. Following an assessment of the risk, Commonwealth Bank Limited (CBL) is considering whether to send out 5,000 new credit cards...
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