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‘Non-controllable’ cost surge blocks bank matching 2022

Commonwealth Bank believes it would have come close to matching 2022’s “extraordinary” nine-month profitability had it not been for $3m in new Business Licence fees and utility costs “more than doubling”.

Hitting near 3% growth to make ‘incredible difference’

Economic growth in the “upper 2 percent” range and above will make “an incredible difference” to The Bahamas’ economic prospects if achieved consistently, the Central Bank governor asserted yesterday.

Delay dividends to give bigger payout, BOB told

Bank of The Bahamas should have waited to pay a more substantial dividend than its recent one cent per share declaration after a 49.6 percent jump in profits, an investor argued yesterday.

Reserves stay ‘buoyant’ though growth reduced

The Central Bank yesterday said The Bahamas’ external reserves are set to remain “buoyant” in 2023 although June’s growth is $44.4m short of 2022’s expansion.

Governor trims Bahamas GDP growth to ‘3% range’

The Central Bank’s governor yesterday again trimmed his 2023 economic growth forecast to “the 3 percent range” as he warned The Bahamas is poised to next year “resettle” back into low expansion rates.

Atlantis hits pre-COVID cash flows with $182m

Atlantis has “stabilised” its net cash flow at pre-COVID levels by generating $182.3m for the year to end-March 2023, it was revealed yesterday, as analysts reaffirmed the credit ratings on its $1.2bn debt.

Commonwealth cuts loan delinquency by up to 5%

Commonwealth Bank says non-performing loans have reduced by between 1-5 percent across all credit segments since year-end 2022 as its portfolio expands faster than market growth.

Brookfield exploring $2.5bn Atlantis sale

Brookfield Asset Management is looking to offload the Atlantis Paradise Island Resort - with a price tag of $2.5bn attached.

Cost rises take 30% bite out of AML Foods profits

AML Foods yesterday revealed that increased costs and inflation took a bite out of its annual profits after net income for the 12 months to end-April 2023 declined by 30 percent year-over-year.

Inflation to stay ‘high’ as food costs up 11%

The Central Bank yesterday warned Bahamian consumers that inflation will remain “high” in the near-term, and decline more slowly than in other countries, with food and drink prices rising 11 percent over the year to end-June 2023.

Corporate income tax: Not ‘holding the bag’

The Bahamas Motor Dealers Association’s (BMDA) president says a corporate income tax levied on net profits would be “fantastic” for the industry if it eliminates a Business Licence regime that can tax companies into a loss.

Minister’s $185k CARIFTA ‘surplus’ came from 360% subsidy overshoot

A Cabinet minister yesterday asserted that last year’s CARIFTA games generated a $185,503 “net surplus” even though this was only made possible by a taxpayer subsidy over four times’ higher than budgeted.

LPIA operator leaves its COVID debt woe behind

The Bahamas' major airport continues to leave its COVID debt woes behind it with the coverage ratio stipulated by its lenders now healthier than it has even been since the pandemic started.

‘Sting operations’ net 1,500 pounds of illegal grouper

A senior fisheries official yesterday revealed that “sting operations” over the past three weeks have netted more than 1,500 pounds of Nassau grouper caught illegally out-of-season.

Cable targeting ‘monumental improvement’ via Aliv refinance

Cable Bahamas’ top executive yesterday asserted the group is poised for “monumental improvement” in profits if it can reach agreement with the Government on refinancing Aliv’s debt at lower interest costs.

Gov’t: We won’t add to gasoline pump prices

A Cabinet minister is voicing hope that reductions in global oil prices and energy costs will give Bahamian petroleum retailers some relief outside their long-desired 30 cents per gallon margin increase.

Bank stability at 7-year high on $400m profits

The Bahamian commercial banking sector’s stability hit a seven-year high in 2022, the industry’s regulator has revealed, as combined profits soared nearly 59 percent to just shy of $400m.

Kaitlyn first Bahamian female to participate in collegiate water polo

KAITLYN Williams, the first Bahamian female to participate in collegiate water polo, scored a goal as the Iona Gaels women’s water polo picked up a 15-13 overtime win over Salem over the weekend.

Mingoes start slow against Inter-Nassau, pull off 4-0 victory

THE University of The Bahamas men’s soccer team started slow against Inter-Nassau FC – 17 in their Bahamas Football Association match.

GB entrepreneur to crowd fund entertainment centre

A Grand Bahama entrepreneur will formally announce his bid to crowd-fund the development of an entertainment centre on February 3.

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