Bank of The Bahamas Posts $8.1 Million Net Income Increase – Eye Witness News

Nassau, Bahamas — Bank of the Bahamas reported a net profit of about $12 million at the end of its fiscal year. Kenrick bright weight Note that the BISX-listed lender is making steady progress towards the growth targets set in its three-year strategic plan.

Braithwaite said: We want to work towards sustainable long-term profits. Performance is a good sign and heading to where it needs to be in the long run. We have him on a three year strategic plan and he is now in his second year. By the end of this calendar year, you should be nearly done with everything you need to do to get to the level you want in terms of growth. ”

In its recently released financial performance report for the year ended June 30, 2022, the BISX-listed lender posted net income of $3.7 million for the year ended June 30, 2021. In comparison, it posted a net profit of $11.8 million. This represents a significant increase of $8.1. million (216.43%).

According to Braithwaite, the increase was primarily due to a $5 million (11.34%) increase in the bank’s total operating income and a $4.4 million (-92.53%) year-to-date reduction in impairment losses.

“The significant reduction in year-to-date net impairment losses is primarily due to lower provisions on credit facilities and other financial assets, combined with banks devoting significant resources to loan collection efforts and improving overall delinquency management. The year-to-date increase in total operating income was driven by higher net interest and non-interest income.

“The increase in interest income was due to an overall increase in consumer loans as a result of the loan campaign and a decrease in interest expense as customer deposit balances shifted to shorter/lower rate products.” Braithwaite said in a statement. about bank performance.

He added that as of June 30, 2022, the bank’s financial position remained strong, with total assets of approximately $978.6 million and total net loans and advances of $368.50 million. million dollars. The bank’s liquidity position also remained strong as cash equivalents increased by $90.9. $1 million, investment securities he was $73.9 million. Bank of The Bahamas Posts $8.1 Million Net Income Increase – Eye Witness News

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