Commonwealth Bank Executive Chairman, William B. Sands, Jr.
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Commonwealth Bank’s 6000-plus shareholders will have a little more
money to spend during the holidays this year when the Bank issues a
pre-Christmas extraordinary dividend of $.06 per share.
The
extraordinary dividend pay-out is slated for November 28 and will
benefit those who purchased shares prior to November 21. Along with
regular quarterly dividends, the Bank that shares 65% of its profits
with shareholders will pay a total of $.30 per share in fiscal 2014,
nearly $30 million in value. Since the largest Bahamian Bank went public
in the year 2000 with an oversubscribed initial public offering, it has
paid consistent quarterly dividends and in most years, at least one
additional extraordinary dividend, a combination that has helped build
stock retention, bank loyalty and share value, even during economically
challenging periods. Last week, the Bank released its third quarter
results, reporting $38.3 million in Comprehensive Net Income for the
first nine months of the fiscal year. The Bank has assets of B$1.48
billion, is capitalized at levels far exceeding Central Bank
requirements and is running at less than half the industry standard for
non-performing or impaired loans.
Executive Chairman William B.
Sands, Jr., said Commonwealth Bank remains “cautiously optimistic” about
the economy as the Bank prepares for the introduction of Value Added
Tax in 2015.