Leading with Vision, Delivering with Purpose

It is one thing to claim to be the leader in personal banking; it is another to deliver to your customers the quality of products and service that makes your customers agree with you. Last year, I reported to you that, “Our history is rich with milestones of success, yet we understand that true greatness is never stagnant — it is forged through continuous improvement, unwavering dedication, and a vision for the future.”

Our vision is to have the best staff, fully engaged in delivering services to our customers. Our greatest investment remains in our people - the heart and soul of our institution. We delivered our Leadership Development Program to the third cohort of leaders across all levels in 2025. Our dedication to improving our people does not stop there. For many years, Commonwealth Bank has been the only non-American institution that is a member of the American Bankers Association (ABA). In 2025, we were proud to host the ABA’s Business of Banking Course in the Bahamas and, as a result, we were able to have 40 members of staff complete the course! This sets us apart again as a Bahamian Bank building Bahamian leaders, and we believe the results speak for themselves, delivering with purpose: enhanced leadership, strengthened integrity, and a culture of accountability that reverberates throughout our organization.

Delivering with purpose transcends mere investment in our people; it demands groundbreaking innovation in the products we offer our valued customers. In 2025, we achieved a significant milestone by becoming the first bank in the Caribbean to introduce Apple Pay, setting a new standard for banking convenience. Following this success, we proudly became the first bank in the Bahamas to launch Google Pay, further enhancing our clients' experiences.

We expanded our credit card offerings by introducing exclusive Black and Platinum credit cards, tailored to meet the diverse needs of our customers. Our commitment to excellence also led us to enhance our Merchant Services for credit card processing, culminating in the launch of the Commonwealth Bank digital wallet — revolutionizing how our customers manage their finances.

Understanding the unique challenges of banking in our Family Islands, we launched a pilot program for a smart ATM on North Andros. The overwhelming success of this pilot has propelled us to roll out smart ATM banking services to additional Family Island locations.

Our unwavering dedication to delivering superior banking experiences is a cornerstone of our mission. We continue to invest in the growth of our employees and elevate our customers' experiences with the same passion and commitment that have defined our institution for decades.

As the premier Bahamian financial institution and public company, it is our vision to make a difference in our communities. Beyond banking, we recognize our duty to our community. We have always believed that our role extends beyond financial services to nation-building, crisis response, and uplifting those in need. In 2025, we delivered with purpose, providing three new vans to the Bahamas Red Cross for its Meals on Wheels feeding program, replacing nonfunctional vehicles to ensure continued service for those in crisis. Whether through hurricane relief efforts, significant contributions to the University of The Bahamas or The Bahamas Cancer Caring Centre, or support for local charities, we remain deeply committed to fostering a brighter future for all Bahamians. True progress is not measured solely by balance sheets but by the positive impact we have on our society as a whole.

Performance & Achievements

2025 is another outstanding year in our history. We achieved a total profit of $67 million, reflecting the strength of our core business. Our organic loan growth was 6.3%, exceeding the industry's 4.9% growth in 2025. Similarly, our impaired loans relative to total loans remains well controlled at 4.68%, compared with the industry average rate of total arrears to private sector loans of 7.64% as of December 31, 2025. These results continue to reinforce the strength of our strategies, the effectiveness of our leadership, and the trust our stakeholders place in us.

Record Dividend Payout

Thanks to this robust performance, we not only maintained our quarterly dividend at three cents per share, but your Bank also paid extraordinary dividends, bringing total dividends paid for the year to $67 million, up from $47 million in 2024. This total represents the highest annual dividend ever paid by your Bank, with the extraordinary November 2025 dividend of $14 million being the largest single dividend ever paid.

Looking Ahead

The leadership consultant John Maxwell said that, “being good is the enemy of being great”. Being good is not sufficient — the competition to replace your Bank as the leader in personal banking is too great. That is why we are continually seeking improvement. Life is not static; new circumstances throw up new challenges, but our DNA is embedded with continuous innovation. In 2025, we achieved this, as you will read in the President’s Report. 2026 presents the challenge of a new slate to record new accomplishments.

Our purpose remains steadfast: To be the leading bank in The Bahamas, providing exceptional personal banking services, fostering a culture of excellence among our employees, creating lasting value for our shareholders, and driving economic growth within our community.

I extend my deepest gratitude to my fellow Directors for their unwavering dedication and wisdom, to our President and Executive Team for their exceptional leadership, and, most importantly, to our more than 600 dedicated staff members. Your hard work, passion, and commitment are the driving forces behind our achievements. Together, we will continue to shape the future of banking in The Bahamas and move the Commonwealth Bank story forward.

With confidence and determination, we move forward - building on our legacy and reaching for even greater heights.