Commonwealth Bank recently reported profits of $47.3 million for the nine-month period ending September 30. The profits report reflected a 7.6% increase over the same period one year ago when profits stood at $43.9 million.
Announcement of third quarter results was made by Chairman William B. Sands, Jr. “The improvement in net interest margin continues to be a key contributing factor along with the effective management of our credit portfolio and our focused attention on expense mitigation practices,” said Mr. Sands. “The Bank continued to focus on high quality credit opportunities which resulted in a non-performing loan ratio of 4.58% while the industry average as of September 30 was 14.3%.”
Commonwealth Bank holds the greatest market capitalization on the Bahamas International Securities Exchange (BISX), and has consistently paid out quarterly dividends to its shareholders since going public in the year 2000. As at September, the company’s share price was $10.44 up from $7.84 at December 2015. The report of unaudited results showed total assets of $1.5 billion, an increase of 1% during the nine-month period. Total revenues increased by 6.1% to $119.1 million, up from $112.3 million for the same period last year while net interest income rose 6.6% to $107.5 million.
William B. Sands, Jr., Chairman, Commonwealth Bank
According to Mr. Sands, the Bank provided significant support to its staff, customers and the community in the aftermath of Hurricane Matthew and represented a true example of “Bahamians helping Bahamians.” The bank extended over $500,000 in assistance including notable donations to the Bahamas Red Cross, the National Emergency Management Agency and The Salvation Army.
Mr. Sands credited staff with much of the bank’s success.
“Commonwealth Bank is committed to the ongoing development of our dedicated and highly motivated staff as evidenced by the opening of our new $800,000 dedicated corporate learning centre on Prince Charles Drive,” he said. Additionally, the Bank provides continual education and training opportunities and prides itself in offering competitive compensation and rewards programs to attract and retain top talent.
With 11 branches in New Providence, Grand Bahama and Abaco, Commonwealth Bank is one of the largest corporate contributors to the national economy and to charitable and non-governmental causes. The bank has injected more than $2 million into education at every level in the last decade and its 10-year, $500,000 pledge to the Cancer Society of The Bahamas is helping the organisation support education, treatment and recovery from the disease that touches nearly every family in the country.
