Bank of The Bahamas Limited released year-end results today, showing net income of $5.8 million, with significant growth in equity, up more than 10% over the previous year to end the fourth quarter at $114 million. Total assets climbed nearly $25 million to top $758 million for the first time in the history of the bank founded in 1988.
"Given the year-long challenges posed by the downturn in the global economy and its impact on the local market, we are pleased to report that Bank of The Bahamas shored up equity significantly while maintaining a positive bottom line performance," reported Paul McWeeney, Managing Director. "In this environment, those numbers are reassuring and it is because of prudent business practices and close attention to detail that we were able to report positive results for our 4,000+ shareholders."
The bank reported that its positive growth occurred "against a backdrop of a contracting economy," and said it was honoured to continue earning international recognition. In July, Bank of The Bahamas was again named "best bank in the country" by Euromoney magazine for the third time in four years. Over the past four years it has chalked up numerous awards beginning in 2006 when BOB became the first bank in the country to be awarded the coveted Bracken Award by the Banker magazine, part of the Financial Times group. Most of the award presentations, including being recognised as the Business of the Year by the Bahamas Chamber of Commerce have referred to the young, progressive bank's innovative products and services - introducing trust services for Bahamians, private B$ banking, VISA pre-paid and gift cards and most recently, BOB MEDLINE VISA, a special purpose credit card for medical services.
While the figures for the year ended June 30 appear solid, McWeeney said they become more impressive given the resources the bank invested to prepare for future earnings.
"In fiscal 2009, we invested more than $1.5 million in technology that allows us to bring credit and debit card processing in-house," he noted. "This is not only a huge savings in what we were paying to a third party provider outside the country, but by keeping it at home, we contribute to the local economy, More importantly, this investment puts Bank of The Bahamas in the unique position of being the only bank in The Bahamas equipped to handle payment processing and one of only a handful in the region able to do so."
By being the sole provider of payment processing systems within the country is expected to pay off in what the bank called "net profit and positioning prospects" as part of its long-term business plan to diversify and emerge as a key service provider.
The bank with branches on seven islands and a financial services centre in the SunTrust Building on Miracle Mile in Coral Gables, Florida, showed assets of $736 million at the end of fiscal 2008. Total assets this year stood at $758 million while total equity jumped from $94 million to $114 million generating a risk adjusted capital ratio of 25.2%, more than three time the regulatory required capital level.
Source: Diane Phillips & Associates
Discuss Add this link to... Bury
"Given the year-long challenges posed by the downturn in the global economy and its impact on the local market, we are pleased to report that Bank of The Bahamas shored up equity significantly while maintaining a positive bottom line performance," reported Paul McWeeney, Managing Director. "In this environment, those numbers are reassuring and it is because of prudent business practices and close attention to detail that we were able to report positive results for our 4,000+ shareholders."
The bank reported that its positive growth occurred "against a backdrop of a contracting economy," and said it was honoured to continue earning international recognition. In July, Bank of The Bahamas was again named "best bank in the country" by Euromoney magazine for the third time in four years. Over the past four years it has chalked up numerous awards beginning in 2006 when BOB became the first bank in the country to be awarded the coveted Bracken Award by the Banker magazine, part of the Financial Times group. Most of the award presentations, including being recognised as the Business of the Year by the Bahamas Chamber of Commerce have referred to the young, progressive bank's innovative products and services - introducing trust services for Bahamians, private B$ banking, VISA pre-paid and gift cards and most recently, BOB MEDLINE VISA, a special purpose credit card for medical services.
While the figures for the year ended June 30 appear solid, McWeeney said they become more impressive given the resources the bank invested to prepare for future earnings.
"In fiscal 2009, we invested more than $1.5 million in technology that allows us to bring credit and debit card processing in-house," he noted. "This is not only a huge savings in what we were paying to a third party provider outside the country, but by keeping it at home, we contribute to the local economy, More importantly, this investment puts Bank of The Bahamas in the unique position of being the only bank in The Bahamas equipped to handle payment processing and one of only a handful in the region able to do so."
By being the sole provider of payment processing systems within the country is expected to pay off in what the bank called "net profit and positioning prospects" as part of its long-term business plan to diversify and emerge as a key service provider.
The bank with branches on seven islands and a financial services centre in the SunTrust Building on Miracle Mile in Coral Gables, Florida, showed assets of $736 million at the end of fiscal 2008. Total assets this year stood at $758 million while total equity jumped from $94 million to $114 million generating a risk adjusted capital ratio of 25.2%, more than three time the regulatory required capital level.
Source: Diane Phillips & Associates
Discuss Add this link to... Bury
Bahamas News Center features news for The Bahamas and the world.
T H Martin, I am also one of the victims of the Bahama Time Share Swindle....
Parents, citizens, I pray you're paying close attention to this. The...
The atrocities occur at the pound, which is RIGHT NEXT DOOR to the Humane...
The article is refering to the inhumane and horrible conditions at the...
Hi Robin: I apologize for being upset about the bad press. I should be the...
Comments