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BOB’s Q2 net income just under $5 million

Black Immigrant Daily News

NASSAU, BAHAMAS — The Bank of The Bahamas reported a net income of just under $5 million for its 2023 second quarter, with its managing director noting that sustainable growth continues to be the primary focus for the BISX-listed lender.

BOB reported a net income of $4.8 million at the end of the second quarter ended on December 31, 2022.

“The bank continues its journey towards sustainable profitability, positive returns for our investors, and financial stability for our stakeholders,”  said managing director Kenrick Brathwaite.

“When compared to a similar period of December 31, 2021, the bank recorded a higher net income of $4.4 million which was primarily due to increases to the bank’s total operating income of $1.1 million and $2.4 million for the current quarter and year to date respectively, due mainly to higher net interest and non-interest incomes,” Brathwaite stated.

He further noted that also contributing to the positive results were lower impairment losses ($1.1 million) for the quarter and year to date ($2.5 million). The year-to-date positive result was attributable to significantly reduced provisions expense on credit facilities by $4.5 million, owing to remediation and recovery efforts, offset by higher impairment losses on other financial assets of $1.8 million as a result of the recent downgrade to the country’s credit rating in October 2022.

“Operating expenses remained stable quarter over quarter, while there was a slight increase of $0.5 million year to date due mainly to higher staff costs. Other increases were also noted in software amortization and equipment depreciation due to the purchase of new ATMs and computer equipment to support customer service initiatives,” said Brathwaite. 

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He added: “The bank continues to maintain a strong financial position with total assets of $971.5 million with the composite of loans and advances of $363.8 million (net) and cash & cash equivalents of $288.3 million as at December 31, 2022. Total equity closed at $174.7 million, with total regulatory capital ratio of 45.2 percent well above the Central Bank’s minimum requirement of 18 percent. The Bank’s capital and liquidity positions remain strong.”