Despite widespread economic challenges that resulted in slower than anticipated national growth, Bank of The Bahamas shareholders learned Friday night that the financial institution with neighbourhood branches throughout the country turned in a strong performance that included ending the year with record total assets.
“We are very pleased to report that the bank’s growth over the past year has been strong, with healthy cash reserves that are more than double the requirements of Central Bank and total assets of $778 million, the highest in our 21-year history,” Chairman Macgregor Robertson, OBE said following the formal meeting.
The bank’s annual report showed net profit of nearly $7.7 million, and the bank experienced growth of nearly 40% over the past four years. Robertson reminded representatives of the bank’s 4,000-plus shareholders of many of the year’s highlights — introduction of the Medline Visa card for medical benefits and care, groundbreaking of a branch on Carmichael Road to serve the growing southern New Providence community, dramatic expansion of customer accounts based on secured lending, internal restructuring to boost business development, growth in the private banking division and building cash reserves of $46 million by fiscal year-end June 30. The positive news was delivered at the annual general meeting held at the British Colonial Hilton.
Shareholders learned that Bank of The Bahamas, which is transitioning its branding to BOB, has experienced even more dramatic growth since fiscal year-end with total assets now standing at $863 million, up some $85 million since June 30.
The strong performance, the result of prudent policies and hard-working management and staff, according to the chairman allowed the bank to pay out $5.2 million in dividends to preference and ordinary shareholders.
Shareholders also elected a new slate of directors, returning Macgregor Robertson, Hartis Pinder, Patricia Hermanns and Dr. Pandora Johnson, and voting unanimously for new members of the board including Algernon Cargill, Khaalis Rolle, Anton Sealey, Craig T. Gomez and Terrance Gape. Managing Director Paul McWeeney serves on the board in his executive capacity.
