Press Releases

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.”

Commonwealth Bank is proud to announce a $50,000 donation to the Bahamas Red Cross to assist with relief efforts in those Family Islands impacted by Hurricane Joaquin.

“Like all Bahamians we were deeply moved by the devastation suffered by our brothers and sisters in the southern islands,” said Commonwealth Bank President Ian Jennings. “Commonwealth Bank has a long history of partnering with the Red Cross in bringing relief to hurricane victims. Our focus and efforts now have to be on helping those persons rebuild their lives.”

For the sixth consecutive year, Cabinet ministers, education officials and Commonwealth Bank joined forces September 12 to present a parenting forum ushering in the new school year but this year the message was stronger than ever – if you want your children to succeed in school, you must get involved. Success, they said, was a family matter.

In an impassioned presentation flanked by cancer survivors including members of its own staff, Commonwealth Bank announced today that it would make the greatest contribution to the fight against cancer in its history – a 10-year, $500,000 pledge to the Cancer Caring Centre.

The announcement was made by bank President Ian Jennings during a press conference at Commonwealth Bank’s headquarters, Mackey Street.

Six years after introducing Saturday banking at one of its branches, Commonwealth Bank opened its
sixth branch to six-day banking and the crowd that turned out to celebrate reaffirmed the extra day at the
new Cable Beach location was exactly what they wanted. Customers lined up before doors opened at 10 am
and continued to overflow the parking area during the mini Auto Extravaganza after the bank closed at 1 pm.

The CB Pirates, a l-O-member cycling team, pedaled a combined total of 250 miles raising $3,000 during the ninth annual Ride for Hope (R4H) biking event held in New Providence. The ride is held annually to raise funds to aid the fight against cancer.

The Commonwealth Bank team, a green sponsor of the ride, headed to the starting line with the plan of biking 20 miles each as they were originally signed up for, but once at the location and with the excitement swirling, the Pirates added an additional five miles to their overall goal.

Thousands of persons who might have gone hungry or been forgotten over the holidays enjoyed hot meals and home-wrapped gifts, thanks to the generosity of Commonwealth Bank’s management and staff who joined hearts and hands to bring more for those who have least.

“The idea began two years ago when staff members came to us and said they wanted to raise funds to bring joy to the less fortunate over the holidays and they would be willing to reach into their own pockets to do so,” said Ian Jennings, President. “We were so moved by their caring spirit thatwe responded without hesitation: ‘Whatever you raise, we’ll match,’ and it’s grown from there.”

Commonwealth Bank’s 6000-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.

More than a quarter century after Commonwealth Bank introduced the first Bahamian dollar credit card, the Bank announced today it will marry that card with the strength and loyalty programs of MasterCard for what it expects to be a priceless experience.

“We are very pleased to announce that effective June 16, the new co-branded SunCard MasterCard will be available to Commonwealth Bank customers,” said Ian Jennings, President. “It is a testament to the strength and stability of Commonwealth Bank and the reputation of SunCard that MasterCard has come on board for this partnership which is actually a triangle of respected brands – Commonwealth Bank, SunCard and MasterCard.”

Commonwealth Bank Limited announced today its Oakes Field branch is on schedule to re‐open in late January following a $2.1 million renovation, repair and expansion that is adding nearly 50% square footage to the bank’s busiest branch.

Bank executives credit CGT Construction with “keeping the job on track” following the contract signing in early August when the contractor pledged to aim for a 26‐week construction timeline, noting that the job would create 30‐40 additional temporary jobs.