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Commonwealth Bank net profit up 11.8 per cent

Commonwealth Bank has reported an 11.8 per cent increase in net profits from $29.2 million for the six months ending June 30, 2015 to $32.7 million for the same time period this year, crediting tight management of its loan portfolio and an improvement in net interest income. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Monday, September 5, 2016
Monday, September 5, 2016

Commonwealth Bank has reported an 11.8 per cent increase in net profits from $29.2 million for the six months ending June 30, 2015 to $32.7 million for the same time period this year, crediting tight management of its loan portfolio and an improvement in net interest income.

The results, according to chairman William B Sands Jr, are welcome news for the all-Bahamian bank’s 6,000+ shareholders and reflects a long-established pattern of conservative lending practices and tight quality control of accounts.


“The bank continues to maintain good credit quality as indicated by our nonperforming loan ratio of 4.4 per cent and continually outperforms the industry average of 14.19 per cent at June 2016, as reported by The Central Bank of The Bahamas,” noted Sands.

Total assets stood at $1.55 billion, an increase of 1 per cent year-over-year, while total revenue increased by 6.3 per cent to $78.3 million, nearly $5 million higher than the previous year. Net interest income increased by an even higher margin, 7.1 per cent, ending the six month period at $70.9 million, or approximately $4 million higher than the comparable period in 2015.

“We are pleased to present these positive results to our loyal shareholders and are particularly proud that through staff dedication, prudent management and our conservative, low-risk approach to lending, we were able to achieve this performance in an economy that continues to present challenges,” said Sands.

“With recent announcements, we cautiously look forward to an improving economy and associated higher levels of economic activity.”

The Central Bank of The Bahamas has released its Monthly Economic and Financial Developments for July 2016. Indications are that domestic economic conditions remained mildly positive over the review period, characterised by continued foreign investment-led construction activity, while the impulses from the tourism sector were modest. Read the report here.

The government of the Dominican Republic recently hosted Latin American and Caribbean nations including The Bahamas at a regional workshop in Santo Domingo to discuss proposals to protect 13 species of sharks and rays that will soon be considered by the Convention on International Trade in Endangered Species of Wild Fauna and Flora.

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