It was a back to school party in a community park that rocked with rhythm and sent students back to school with backpacks, books, a bounce in their step and a song on their lips. It was a first when Commonwealth Bank and the Music Makers teamed up at Fowler Park off East Street in the heart of Nassau to distribute back-to-school supplies. Based on the success, it’s not likely to be the last.
Commonwealth Bank today reported an 11.8% 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.
Calling service “the number one reason we are the leading bank in The Bahamas,” Commonwealth Bank officially opened the doors to its new $800,000 corporate learning centre today.
Located adjacent to its Prince Charles Branch, the 8,740 square foot single story building houses highly functional high-tech training facilities, including interactive digital and audiovisual equipment, conference rooms and motivational themes throughout.
For the fifth consecutive year, Commonwealth Bank is offering students at The College of The Bahamas (COB) hope, encouragement and support in the form of scholarships as part of Commonwealth Bank’s Emerging Leaders Award Programme.
Established in 2012, the $500,000 endowment fund managed by COB provides $50,000 worth of financial aid annually to promising full-time undergraduates who meet and maintain specific qualifications. To be eligible, students must be in good academic standing and demonstrate financial need. Over the course of this 10-year commitment, the gift will fund 40 student awards, valued at up to $12,000 each. To date, Commonwealth Bank contributions have totaled $250,000.
About 20 Nassau families struggling to support their loved ones with Autism Spectrum Disorder (ASD) will receive extensive free occupational and speech therapy training this summer through R.E.A.C.H., thanks to a donation from Commonwealth Bank.
“Our top priority has always been to make sure every Bahamian is given access to adequate educational resources,” said Commonwealth Bank President Ian A. Jennings. “For families with children on the autism spectrum, the most valuable educational resource is knowing how to relate to the child with autism in a way that is non-threatening and encouraging. That training is one of the many valuable services that R.E.A.C.H. provides. Thus, we are proud to support them.”
Commonwealth Bank shareholders unanimously elected well‐known civic supporter and former KPMG Senior Partner Tracy Knowles to the Board of Directors during the bank’s annual general meeting June 1.
Knowles is a Fellow of the Institute of Chartered Accountants in England & Wales and member of the Bahamas Institute of Chartered Accountants. In his capacity as head of KPMG, Knowles had more than four decades of experience advising governments and industry on businesses an d markets ranging from financial service s to consumer markets, including hospitality, utility, government, manufacturing and real estate. His role in managing the business message particularly around utilities can be said to have affected every Bahamian and resident in the nation.
Amidst moving tributes and a standing ovation at the bank’s annual general meeting earlier this month, long‐time Commonwealth Bank Director Clifford Culmer stepped down as a director after more than two decades of helping to steer the successful bank from infancy to a $1.5 billion financial powerhouse.
“Cliff has left a legacy for the rest of us to follow,” Dr. Marcus Bethel said. The moving and emotional tributes from co‐directors drew a spontaneous standing ovation for Culmer by the packed audience of shareholders at Breezes.
The Board of Directors of Commonwealth Bank Ltd announced that, at its February 2016 meeting, it approved a final extraordinary dividend of six cents per share based on 2015 results of $58 million in net income.
The extraordinary dividend, payable on March 14, 2016 to more than 6,000 shareholders of record as of March 7, brings dividend payments to $0.36 per share for the year and continues a trend of quarterly dividends plus extraordinary dividends that helps build sustaining value for the bank’s share price.
Commonwealth Bank recently signed a contract for a new corporate training centre at a cost of $800,000. In doing so, the Bank cited its emphasis on customer service and training as “the number one reason we are the leading bank in The Bahamas.”
The signing took place at the bank’s CB Plaza headquarters on Mackey Street where the training centre is currently located. As the bank has grown, CB Plaza has become increasingly crowded, making the move to property adjacent to its Prince Charles Branch a more suitable location, according to Director Earla J. Bethel, who heads the Premises Committee of the Board of Directors.
Commonwealth Bank today released a very positive earnings report declaring $44 million in profits for the nine months to September 30 2015 with Total Assets exceeding $1.5 billion.
“This positive third quarter earnings report reflects an increase of 12.2% or $4.8 million above the $39.2 million in profits for the same period last year,” said President Ian Jennings. “But more importantly, these results demonstrate that our steadfast conservative approach to lending combined with vigilant oversight of operating expenses continues to serve our more than 6,000 shareholders well, in addition to the community as a whole.”