Commonwealth Bank recently reported their earnings for the first half of 2011. Executive Chairman, William B. Sands, Jr., announced that the Bank’s Comprehensive Net Income for the 6-month period ended June 30, 2011 increased by 11.4% to $28.8 million, exceeding the same period in 2010. Total assets at June 30, 2011 were $1.45 billion, a 3% growth over June 30, 2010’s total assets of $1.41 billion.
Commonwealth Bank, the leading Bahamian financial institution in the country, gave a helping hand to our team of extraordinary Bahamians champions who brought home 24 medals from the 13th Special Olympics World Summer Games in Athens, Greece this summer.
Commonwealth Bank recently celebrated the official groundbreaking of the new location of their Cable Beach Branch in the Baha Mar Commercial Village, approximately one mile west of the Bank’s current location on the Cable Beach strip on West Bay Street.
The new building is being constructed by Baha Mar as part of the agreement with the Bank to make the current site of the Cable Beach branch part of the mega development on Cable Beach.
Commonwealth Bank concluded its 50th anniversary year of celebration on a financial high note. The Bank has announced that its Board of Directors recently approved an increase in the common share quarterly dividend from $0.05 to $0.06 per share, effective March 2011.This increase reflects the first increase in the quarterly dividend since the global economic crisis occurred in 2008.
The dividend payment will be payable on March 31st, to shareholders of record as of March 21st .
Commonwealth Bank has again lent a helping hand to those in need by making a donation to the Bahamas Red Cross towards its Fire Relief Fund. The Bahamas Red Cross has already provided aid to the community members of the December 26 fire at Alan Drive (also commonly known as Mackey Yard) and continues to be a first responder to the country’s most vulnerable people.