In a financial season marked by more by “woes than wows”, the Bank of The Bahamas International is reporting a 24 percent increase in assets and record growth in net revenue and net income.
In its first quarter results this week, the bank also reports total assets of $333 million, representing what it called “a sharp rise of 23.97 percent” from the year before.
“We have tried to maintain that growth and we are doing an exceptional job at it by meeting the peculiar needs of the client,” Managing Director Paul J.I. McWeeney told The Guardian on Tuesday.
The bank with four branches in New Providence and others throughout the Family Islands reported total assets of $333 million, representing what it called “a sharp rise of 23.97 percent” from the year before, according to a statement from the bank.
Net revenue grew by 13.10 percent to B$4,825,774 while net income gained 12.18 percent over the previous year to nearly $1.8 million.
Earnings per share increased from 13 cents to 15 cents and annualised return on shareholder equity grew from 18.72 percent last year to 19.96 percent this year. There are approximately 4000 shareholders whose share value has steadily increased over the last five years.
“These are challenging times for all of us in the (financial) sector,” said Mr. McWeeney. “But Bank of The Bahamas International has met those challenges head on by creating new products, developing new revenue streams, expanding our services and monitoring our expenses. We have upgraded skills in critical departments and are in the most solid shape of our history with our footings now at more than $333 million.”
Asked how does the bank plans on maintaining this growth, Mr. McWeeney told The Guardian, “We are not going to change a thing.”
He noted though, that one of the elements that is hindering that growth is the lending restriction put in place September 5, 2001 by the Central Bank of The Bahamas.
Market and product diversification accompanied by continuing emphasis on staff development, Mr. McWeeney said, also account for the increase in retained earnings jumping from $32.6 million in 2001 to just under $36 million by the end of the same quarter this year.
In October, the bank announced plans to go international, becoming the first Bahamian bank to establish a presence in Miami, an ambitious move that is expected to give Bank of The Bahamas International a jumpstart when the FTAA takes effect.
“We are moving along in a very prudent fashion to ensure a smooth opening,” Mr. McWeeney told The Guardian.
By Lindsay Thompson, The Nassau Guardian
