Bank of The Bahamas (BoB) experienced 68.87 percent growth in net income for a total of $9.8 million for the nine months ending March 31.

BoB Acting Deputy Managing Director Neil Strachan attributed the growth to a 13 percent or $5 million increase in total operating income, along with 40.69 percent lower net impairment losses.

"Higher total operating income year to date is driven by increased net interest income and non-interest income. This improved performance is attributed to the bank's investment of its excess liquidity in treasury bills and government registered stocks, which resulted in interest income increasing by $2.1 million (64.62 percent). In addition, the bank saw revenue growth of $0.8 million (11.53 percent) in other ancillary products primarily, merchant services and prepaid cards," he said.

"Net impairment losses consisted of loss on other financial assets of $1.7 million (2022: recovery of $0.2 million); provision on credit losses of $4.5 million (2022: $8.7 million) and less recoveries of $3.5 million ($4.1 million). The overall net decrease in net impairment losses for the nine-month period ended March 31, 2023, compared to the nine-month period ended March 31, 2022 is attributable to lower provision on credit losses by $4.2 million, as the bank continues to focus on improving its credit asset quality. However, this was partially offset by higher impairment loss on other financial assets, primarily linked to The Bahamas' October 2022 credit rating downgrade by Moody's."

Strachan noted, however, a more then ten percent increase in total operating expenses driven by salaries and fees to government.

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