Bank of The Bahamas Reports Strong 1st Quarter, Nearly 30% Growth Over Last Year



Bank of the Bahamas Harold Road

Bank of The Bahamas International today released first quarter results showing a net profit of $3.6 million for the three months ending September 30, 2009, representing 29% growth over the same period last year.

“I am particularly pleased to report the strength of the balance sheet with an increased risk adjusted capital ratio of 24%, well above the new guideline of 14% – 17% introduced by The Central Bank,” said Paul McWeeney, Managing Director of the bank that has captured numerous international and national awards. He also noted that increasing capital provided the “financial fortification absorb increasing credit risk while seeking viable lending and investment opportunities and remaining supportive of providing solutions to customers faced with financial challenges at this time.”

Total assets at the end of the period dipped slightly from the one-time high of $758 million at the end of the fiscal year June 30 to just under $744 million.

The figures were even more impressive given the bank’s $1.5 million investment in sophisticated software and equipment to bring credit card processing in-house, a move that prepares it to supply that service and other to financial institutions and business locally as well as internationally. The investment that is expected to pay for itself in a short period of time catapulted Bank of The Bahamas to a unique position in the region.

Founded in 1988, the bank operates 13 branches on seven islands and a service centre in Coral Gables, Florida.