Fiscal 2020 has been a challenging year with some setbacks and disappointments. Nevertheless, I am extremely encouraged by the progress we are making to ensure that Bank of The Bahamas becomes the most efficient customer centric bank in The Bahamas. This continues to be my vision as your Managing Director and remains a part of our overall strategy and focus. I am encouraged by the growth in revenues achieved by our Business Development Team and supporting units.

I am encouraged by enhancements to our Core Banking System and expansion of our ATM service channels. I am pleased by improvements to our Customer Service Delivery as a result of the introduction of our Customer Experience Unit; and more importantly, I am greatly heartened by the full and unwavering support of BOB employees.

During this fiscal year, members of our team endured a devastating category 5 hurricane and an unprecedented global pandemic, however they remain standing and giving their best to our customers every day. I applaud their commitment and dedication, especially our frontline personnel.

The world and The Bahamas are going through a trial, the likes of which has not been experienced in more than 100 years. For BOB, the COVID-19 pandemic has meant having to adapt to new ways of doing business; for example, having some staff working remotely from home and having virtual meetings instead of face-to-face. We have had to quickly adjust and adopt new health protocols to protect our staff and customers, which included social distancing, wearing of masks, installation of sanitizers and abbreviated operating hours. We also put in place a number of financial initiatives to assist customers whose employment and income had been adversely affected by the pandemic.

COVID-19 has dealt a severe blow to our economy, yet we are undeterred in our quest to achieve accelerated growth along with sustainable profits for our shareholders. In the current environment this will mean being even more creative in our approach to Business Development while managing our expenses carefully. I have full confidence in our team and I know they are up to the challenge.

As indicated previously, our key objectives are to create a strong risk management culture, sustained shareholder value through sustained profitability, an improved sales and service culture, more efficient operations and a disciplined, motivated, knowledgeable and well-equipped staff. I am excited about the upcoming technology enhancements and the introduction of products that will help us achieve our objectives. These include Phase II of our Core Banking Upgrade and ATM Expansion project, full automation of our loan origination and delinquency management processes, the rollout of our new EMV Card Portfolio, a new mobile app and the introduction of a debit card.

By the end of fiscal 2021 we expect that our Bank will be well poised for eventual market leadership. We are a strong and resilient Bank and, despite the challenges faced, we will be successful. As always, I, along with our staff, remain committed to making our Bank your ultimate partner in banking solutions and take this opportunity to thank our dedicated staff and our loyal customers for their continued trust. We will remain steadfast and will ultimately achieve the goals as set out in our Strategic Plan.

Kenrick Brathwaite

Managing Director