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Last Updated: Jul 1, 2017 - 1:36:36 AM |
Commonwealth Bank's Record Year of Giving - $834,000 in Donations, More than half for hurricane relief
By Diane Phillips, DP&A
Jun 28, 2017 - 11:59:07 AM
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William B. Sands, Jr., Executive Chairman
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Hundreds of Commonwealth Bank shareholders packed a ballroom turned meeting hall at Breezes SuperClubs on May 31st, for the bank’s annual general meeting, applauding returns that included 2016 profits of $57.4 million and voting to return the same directors who steered the bank to consecutive years of growth and above industry average success.
‘‘Your bank is an important constituent of the Bahamian economy. We are now the largest market capitalization on BISX,” said Executive Chairman William B. Sands, Jr. “But more than this, your bank has established a reputation as being an early responder to assist our fellow Bahamians in times of national crisis. Our response to Hurricane Matthew continued that trend with financial donations given to the Bahamas Red Cross and The National Hurricane Relief Fund. In addition, we gave loan assistance to our customers and staff. In total, we committed over half a million dollars to recovery from the storm.”
Despite that assistance, 2016 results were only $400,000 below the previous year, a record. Total profit was $57.4 million, total assets increased by 4.8% to end the year at just over $1.6 billion and the bank with 550 members of staff paid out $35 million in dividends in 2016.
“These positive results were achieved despite ever-increasing competition and a lingering less than dynamic environment which saw a downgrade by Standard and Poor’s at the end of the year,” Mr. Sands said.
Going forward, he indicated, the bank would continue to take a conservative approach with emphasis on consumer lending, noting that it was a business model that, paired with strong personal customer service and community partnerships, had paid off.
“We strongly believe that our business strategy remains the best opportunity for our continued success in 2017 and while our outlook for the near future is guarded given the many challenges that face us we remain optimistic that our flexibility, staff and experience will enable us to take advantage of any opportunities,” Mr. Sands said.
According to the bank’s annual report, keeping a tight watch over lending resulted in an impaired loan rate well below the national industry ratio of 12.3%. Commonwealth Bank’s impaired loan rate stood at 4.2% at year-end.
The hurricane, uncertainty over a stagnating economy and credit ratings downgrades caused the bank’s board to move cautiously in 2016. The bank did complete of a long-wished-for corporate training centre, an $800,000 investment, and said it would proceed with opening a branch in Spanish Wells in 2017 to fill a gap being left by a departing bank. That branch opened in early June to a strong positive reception that exceeded projection.
Commonwealth Bank enjoyed other achievements in 2016. The Bahamas Financial Services Board named the bank’s President Ian Jennings as the Executive of the Year, and Special Credit Supervisor Lynden Smith as Mentor of the Year.
During the year, the bank upped its products offerings, introducing its chip-enabled VISA debit card, saw its online banking customer base increase substantially to more than 40,000 users, extended full-service Saturday banking to seven branches and increased its social corporate responsibility efforts to a record level, donating $834,000 to community and education initiatives.
Shareholders voted to return the full board of directors including William B. Sands, Ian Jennings, Rupert W. Roberts, Jr., Roland Craig Symonette, Vaughn W.T. Higgs, Tracy E. Knowles, Earla J. Bethel, Larry R. Gibson, Dr. Marcus R.C. Bethel and Robert D.L. Sands.
© Copyright 2017 by thebahamasweekly.com
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