Nassau, Bahamas - Commonwealth Bank recently reported their earnings for the first
half of 2011. Executive Chairman, William
B. Sands, Jr., announced that the Bank’s Comprehensive Net Income for the
6-month period ended June 30, 2011 increased by 11.4% to $28.8 million,
exceeding the same period in 2010.
Total assets at June 30, 2011 were $1.45 billion, a 3% growth over June
30, 2010’s total assets of $1.41 billion.
“Our results for the
second quarter validate our business strategy and demonstrate the hard work by
all our staff members across the Bank in pursuit of that strategy. In the
context of the present economic challenges, the results of the second quarter
of 2011 represent a significant achievement for Commonwealth Bank." said
Executive Chairman William B. Sands, Jr.
"The Bank’s increased earnings were primarily associated with improvements
in credit quality. Loan impairment expenses have declined by $1.7 million for
the period. This was driven by a
reduction in non-performing loans, which closed the quarter at 3.1% of the
portfolio compared to 3.3% at the end of the first quarter of 2011.”
The Executive Chairman continued “Earnings per Share showed a
healthy improvement over 2010 as return on common shareholders' equity
increased by almost 13% to 26 cents per share, as did Return on Assets at 3.6%
for the second quarter compared to 3.3% in 2010, an improvement of over 9%.”
The Bank continues to maintain strong capital and liquidity ratios
well in excess of regulatory requirements which have placed the Bank in a
strong position to meet the economic challenges experienced since 2008 to date.
“We anticipate further challenges ahead but we are pleased with
the steady improvement in the Bank’s performance in 2011. We are confident that our vision of
producing long-term profitable growth and delivering value to our customers,
shareholders and the communities we serve is achievable in 2011 and beyond.”
said Executive Chairman Sands. “We
wish to thank our customers for their loyalty and continued patronage. Also, we would like to acknowledge and
thank our dedicated and hardworking staff for their unwavering commitment to
service excellence. Our strong results would not be possible without the support
from these stakeholders.”
For
additional information on Commonwealth Bank’s Quarterly Financials and other
financial reporting, please visit the Bank’s website at www.combankltd.com/Information Centre .
