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Banks see 30% profits increase

Bahamian commercial banks collectively enjoyed a 30 percent year-over-year profit increase to $109.2m during the 2023 second quarter due to rising interest income, it was revealed yesterday.

Migration a major contributor to increase in population according to census report

THE population of The Bahamas increased by 13.6 per cent from 2010 to 2022, with net migration emerging as the primary reason.

Central Bank expects growth at ‘moderated pace’ in economy

The Central Bank revealed yesterday that the reduction in external reserve balances for November slowed by over $77.8m from 2022, reflective of net foreign currency outflows through the private sector.

First BOB dividend in 11 years ‘a miracle’

Bank of The Bahamas’ first dividend payment for 11 years was yesterday hailed as “a miracle” by its long-suffering shareholders after it reported its second consecutive year with profits above $11m.

BISX-listed firms blame profits drop on inflation

Two BISX-listed companies have blamed surging inflation for a margin squeeze that resulted in first-half and second quarter 2023 profits slipping against prior year comparatives.

Reserves hit $2.9bn on Gov’t borrowing boost

The Bahamas’ foreign currency reserves expanded by almost $169m in May due to a boost from the Government’s external borrowing activities as they closed the month at near-$2.9bn.

Lincoln Bain defends declared net worth and liabilities

COALITION of Independents leader Lincoln Bain defended his $1.8m net worth yesterday, telling The Tribune that he gained his wealth through a successful investment strategy.

'Decade of contraction' ends with $50m credit expansion

The Central Bank's governor yesterday revealed "a decade of steady contraction" in lending to the private sector was halted by 2023's $50.3m credit expansion although mortgage activity remained "subdued".

National debt up as spending rises faster than revenue growth

The Central Bank revealed yesterday that the national debt grew by $206m over the last quarter.

‘Major progress’ on one insurance law

Regulators say “significant progress” has been made in combining the Bahamian insurance industry’s regulatory regime into one law after the sector saw gross written premiums increase by $60m in 2022.

Health premiums drop $15m on COVID travel cover end

Bahamian health insurers suffered a near-$15m year-over-year decline in group premiums last year due to the Government ending COVID-19 protection plan for visitors.

‘Headwinds’ slash J S Johnson profit 12.54%

J S Johnson’s managing director is warning that “industry headwinds” across its business have slashed profits by 12.54 percent or almost $900,000 for the year to end-September 2023.

Arawak port beats profit target by 18%

Nassau’s main commercial shipping port yesterday revealed it beat its full-year profits target for 2023 by some 17.7 percent or more than $1.4m compared to original forecasts.

$657k ‘pipeline’ blockage kept ArawakX insolvent

The Bahamas’ first-ever crowd-funding platform was branded “no longer solvent at February 2023” by external auditors who warned that $656,500 in “pipeline” revenue could not be used to restore a “net equity” position.

‘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.

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