Proven business model results in sustained profitability

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Commonwealth Bank today reported unaudited total profit of $57.4 million for 2016. Total assets climbed to $1.6 billion at December 31, 2016. Earnings closely paralleled those of 2015 showing only a 0.7% decline. Total assets were up 4.8% over 2015.

Announcement of the Bank’s yearend earnings was made by Executive Chairman William B. Sands, Jr. who noted, “Through continued reinforcement of the Bank’s longstanding business model coupled with a conservative risk assessment process and a sound credit administration program, we were able to effectively weather the economic headwinds experienced during 2016.”

Commonwealth Bank’s low rate of non-performing loans helps drive third quarter profits to $47.3 million

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Commonwealth Bank recently reported profits of $47.3 million for the nine-month period ending September 30. The profits report reflected a 7.6% increase over the same period one year ago when profits stood at $43.9 million.

Announcement of third quarter results was made by Chairman William B. Sands, Jr. “The improvement in net interest margin continues to be a key contributing factor along with the effective management of our credit portfolio and our focused attention on expense mitigation practices.” said Mr. Sands. “The Bank continued to focus on high quality credit opportunities which resulted in a non-performing loan ratio of 4.58% while the industry average as of September 30 was 14.3%.”

Commonwealth Bank donates $50,000 to Cancer Society, fulfilling its annual share of $500,000 pledge

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Declaring “there is hardly a family in The Bahamas that has not been touched by cancer,” Commonwealth Bank revealed today it donated $50,000 to the Cancer Society of The Bahamas as part of its ongoing $500,000, 10-year pledge.

It was the second installment in what will be the single largest contribution to a nongovernment organization by the all-Bahamian-owned and operated financial institution. Funds will be used by the Cancer Caring Centre, a home away from home for those undergoing treatment. Two years ago, the Centre announced it had embarked on a drive to raise $3 million to build a desperately-needed residential expansion that will allow it to house more patients from Family Islands and provide more daytime services, including emotional, nutritional and other support for patients and their families from Nassau.

Commonwealth Bank’s hurricane relief donations near $500,000

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Urging others to follow suit reaching deep into pockets and hearts to give what they can, Common wealth Bank today made its third substantial donation to a Hurricane Matthew relief fun d with bank President Ian Jennings projecting earlier that the all‐ Bahamian bank’s contributions could reach nearly $500,000.

Today’s donation of $50,000 to The Salvation Army followed cheques of $100,000 each t o the Bahamas Red Cross an d NEMA last week, bringing cash outlays to date to $250,000, a gesture that was applauded by Prime Minister Perry Christie.

Commonwealth Bank makes first of three major donations; $100K to Bahamas Red Cross

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One week after Hurricane Matthew slammed into The Bahamas leaving a trail of destruction in its wake, Commonwealth Bank today donated $100,000 to the Bahamas Red Cross to assist with hurricane relief efforts.

It was the single largest donation to the local Red Cross since the storm and will be used to supply food, water, bedding and tarps to protect homes and businesses that lost roofs when Matthew lashed heavily populated areas in New Providence and wreaked havoc on North Andros and Grand Bahama.

We rushin’: Commonwealth Bank, Music Makers bring new twist to the sound of school bells

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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.