{"id":48941,"date":"2014-02-14T09:24:50","date_gmt":"2014-02-14T14:24:50","guid":{"rendered":"http:\/\/www.bahamasb2b.com\/news\/?p=48941"},"modified":"2014-02-14T09:24:50","modified_gmt":"2014-02-14T14:24:50","slug":"commonwealth-bank-reports-3rd-best-year-in-53-year-history","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2014\/02\/commonwealth-bank-reports-3rd-best-year-in-53-year-history","title":{"rendered":"Commonwealth Bank Reports 3rd Best Year in 53-Year History"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-42959\" alt=\"willian-b-sands\" src=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2013\/11\/willian-b-sands.jpg\" width=\"200\" height=\"150\" srcset=\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2013\/11\/willian-b-sands.jpg 200w, https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2013\/11\/willian-b-sands-150x112.jpg 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/>Crediting what it called \u2018effective management\u2019 of delinquent loan accounts that slashed loan loss provisions nearly in half, Commonwealth Bank today reported it closed the fiscal year ending December 31 as the third best year in its 53-year history.<\/p>\n<p>\u201cThe improvement in total profit is primarily attributable to the focused and effective management of the bank\u2019s delinquency management resources which allowed for a $19 million or 44% decline in loan impairment expenses in 2013 compared to 2012,\u201d said Executive Chairman William B. Sands, Jr.\u00a0 According to the Bank\u2019s unaudited financial results, total profits stood at $51 million, good news for the 6,000-plus shareholders who received dividends totaling $0.30 per share compared to $0.29 per share in 2012.<\/p>\n<p>Year-over year, there was a 42% increase in profit, some $15 million higher than the $36 million in total profit reported in 2012.\u00a0 Total assets remained virtually unchanged at $1.43 billion.\u00a0 Meanwhile, return on equity stood at 23.5% with shareholders earning $0.47 per share while return on assets was 3.16%.\u00a0 All of these figures compare favourably with the prior year when return on equity was almost 30% less at 16.5%, return on assets was 2.06% and earnings per share were $0.31.<\/p>\n<p>\u201cOur good performance comes from the financial strength and consistent application of the bank\u2019s business model that is focused on personal banking for Bahamians, and has been in place for more than 50 years,\u201d said Mr. Sands.<\/p>\n<p>That focus on personal banking services combined with conservative banking practices produced regulatory capital of 26.3%, up from 24.8% last year and well above The Central Bank\u2019s requirement of 17%.\u00a0 The Bank\u2019s liquidity ratio was 32%, also well above the required 20%.<\/p>\n<p>Most impressive and equally or more important for long-term predictions of security, was the Bank\u2019s allowance for non-performing loans at 124.5% of total non-performing loans, compared to the industry average coverage of 45.8%. The Bank also produced an efficiency ratio of 45.66% reflecting its ability to \u201caccomplish more with less,\u201d according to Mr. Sands.<\/p>\n<p>Commonwealth Bank operates 11 branches in New Providence, Grand Bahama and Abaco and plans to re-open its expanded Oakes Field branch before the end of February.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crediting what it called \u2018effective management\u2019 of delinquent loan accounts that slashed loan loss provisions nearly in half, Commonwealth Bank today reported it closed the fiscal year ending December 31 as the third best year in its 53-year history.<\/p>\n","protected":false},"author":17,"featured_media":42959,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[83,98],"class_list":["post-48941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banks","tag-financial"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/48941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=48941"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/48941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media\/42959"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=48941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=48941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=48941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}