Press Releases

It began with a simple plea from Anthea Cox, vice president of human resources at Commonwealth Bank – let’s reach into our own pockets and raise funds to make life a little brighter for the less fortunate. The hint caught on with the instant popularity of new Beyonce release. Staff donations poured in. Executive management threw out a challenge—raise a minimum of $5,500 ‐‐ $10 per person for every single employee in the Commonwealth Bank family ‐‐ and we will match whatever
you raise. By the time it was over, an idea born out of wanting to help the less fortunate had turned into a reality, raising $11,200, enough to help The Salvation Army and Great Commission Ministries feed hundreds of people and provide food packages to go.

Commonwealth Bank is pleased to announce the results of the October 1, 2013 redemption of Preference Share classes E, F, G, H and I and simultaneous private
placement of classes J, K, L, M and N to existing Preference Shareholders of classes E through I.

Commonwealth Bank is reporting comprehensive net income of $36 million in 2012 with total assets closing to $1.43 billion at December 31, 2012. Both earnings and total assets are down from 2011 where the Bank reported profits of $51.8 million and assets totaling $1.5 billion. The decline is directly attributable to elevated loan impairment expenses which were due to the persistent economic challenges within the economy in 2012 as evidenced by high unemployment. The Bank had a positive growth of $3.5 million or 4.7% in operational results prior to loan impairment expenses compared to 2011 where it recorded $4.4 million for a 6.1% increase.

Commonwealth Bank has released its earnings report for the nine months ended September 2012. While the report shows strong core performance with total revenues up 4% over 2011 and general and administrative costs contained to less than a 2% growth, the ongoing high levels of unemployment and non performing loans resulted in the Bank’s reported net income for the 9 months ended September 30, 2012 totaling $29.2 million. Net income for the same period in 2011 was $38.7 million.

More than 250 Commonwealth Bank shareholders filled the ballroom at SuperClubs Breezes, Cable Beach, for the Bank’s Annual General Meeting held May 23, 2012 to hear a positive report on the bank’s milestone climb to $1.5 billion-plus in assets, record profits and quarterly common dividends which increased by 20% to 6 cents per share in 2011.

Under the theme, “Success Through Challenge”, Executive Chairman, William B. Sands, Jr., told a crowded room of shareholders that the Bank’s performance for the financial year ended December 31, 2011 remained strong, amassing a net income of $51.8 million – representing the second most profitable year in the Bank’s history.

Commonwealth Bank enters the prepaid and gift card market with the introduction of its highly anticipated MasterCard Prepaid Card and MasterCard Gift Card, just in time to provide the perfect Mother’s Day gift. Touted as “Convenience and Gift Giving, Mastered”, the latest offerings in the Bank’s suite of Bank Card products are expected to appeal to a broad-base of consumers seeking a smart alternative to cash and the traditional credit card but with equal buying power, flexibility, convenience and secure access to funds.

Commonwealth Bank is reporting another strong year with comprehensive net income of $51.8 million for the year ended December 31, 2011 and the Bank’s total assets expanded to a new milestone of $1.5 billion which represented a growth of 6.5% since December 2010.

As part of the Cable Beach redevelopment, Commonwealth Bank has announced that it is relocating its Cable Beach Branch. The relocation to the southern end of the new Commercial Village is scheduled for mid-November, with the branch opening for business to the public on Monday, November 21st, 2011. The Commercial Village site is an ultra-modern facility at the southern end of the Village, approximately one mile south-west of its current location.

Commonwealth Bank recently presented a special $10,000 donation to The Sir Victor Sassoon (Bahamas) Heart Foundation. The notable charity, founded by the late Lady Sassoon, provides life saving operations to children with critical heart conditions. The Bank, a supporter of the Foundation, responded to an urgent appeal made by its Chairman, R.E. Barnes who explained that for first time ever the organization was facing an extraordinary challenge which has affected its budget drastically.

For the fifth consecutive year, Commonwealth Bank – the Education Bank – has once again committed to improving the community through education by providing thousands of students in New Providence and the Family Islands with access to essential school supplies providing its signature CB backpack filled with composition books, pens, pencils and rulers. The Bank’s ongoing education program, which today tops $1.5 million in school supplies, technological teaching tools and scholarships, is an investment in the future of the country and a clear demonstration of the Bank’s corporate responsibility to lend its resources and expertise to effect positive change in the country.