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Commonwealth Bank to pay extraordinary dividend

Commonwealth Bank’s 6,000-plus shareholders will have a little more money to spend during the holidays this year when the Bank issues a pre-Christmas extraordinary dividend of $.06 per share. Pictured: Commonwealth Bank Executive chairman William Sands Jr. (Photo courtesy Commonwealth Bank)

Source:
Date:
Updated:
TheBahamasInvestor.com
Monday, November 17, 2014
Monday, November 17, 2014

Commonwealth Bank’s 6,000-plus shareholders will have a little more money to spend during the holidays this year when the Bank issues a pre-Christmas extraordinary dividend of $.06 per share.

The extraordinary dividend pay-out is slated for November 28 and will benefit those who purchased shares prior to November 21.

Please Note: Any reference to ratings or underlying recommendation does not reflect the opinion of The Bahamas Investor or any of its contributors.


Along with regular quarterly dividends, the bank that shares 65 per cent of its profits with shareholders will pay a total of $.30 per share in fiscal 2014, nearly $30 million in value.

Since the largest Bahamian bank went public in the year 2000 with an oversubscribed initial public offering, it has paid consistent quarterly dividends and in most years, at least one additional extraordinary dividend, a combination that has helped build stock retention, bank loyalty and share value, even during economically challenging periods.

Last week, the bank released its third quarter results, reporting $38.3 million in Comprehensive Net Income for the first nine months of the fiscal year. The bank has assets of $1.48 billion, is capitalized at levels exceeding The Central Bank of The Bahamas’ requirements and is running at less than half the industry standard for non-performing or impaired loans.

Executive chairman William Sands Jr said that Commonwealth Bank remains “cautiously optimistic” about the economy as the bank prepares for the introduction of value added tax in 2015.

Prime Minister Perry Christie has said that the liberalization of the cellular phone market will increase competition among businesses and reduce costs for Bahamians. Watch ZNS Network news report here.

The Ministry of Finance and the VAT Department are revising the value added tax guidance notes ahead of the implementation of the new tax next year.

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