Welcome to Bank of The Bahamas Limited

Bank of The Bahamas’ financial performance remains steady and resilient, having ended fiscal year 2023 with a net income of $11.4. While this represents a marginal decrease from the previous year’s results of $11.8 in net income, it is reflective of our disciplined approach to managing risk and maintaining a solid financial foundation. As a result, of the ongoing and stable profitability, the Board of Directors was pleased to be able to recommend the recommencement of the Bank’s shareholders dividend distribution program of 3.8% of net income. This was attributed to the Bank’s high level of capital above the regulatory requirements and sustained profitability.

Strategic Investments:

Our strategic investments have yielded tangible results. Total Operating Income increased by $6.4 million compared to the prior year, driven by increased interest and noninterest income. This improvement is attributed to the Bank’s investment of its excess liquidity in money market placement, treasury bills and government registered stocks, increasing interest income by $2.9 million. Also contributing to the positive variance was the Bank’s growth in its auxiliary revenue streams by $1.0 million primarily from ATM services, fees and commission, merchant services and prepaid cards. The increase in total operating income was partially offset by higher net impairment loss and operating expenses, mainly in the areas of employee expense, information technology and depreciation; however, the Bank recorded lower credit losses of $0.8 million compared to $1.3 million in prior year.

Embracing Innovation:

The past year marked significant strides in embracing innovation. Our new corporate website, the modern JFK Drive Premises, implementation of the Newgen Loan and Account opening origination systems, and our mobile app were all launched in Fiscal 2023. These initiatives underscore our commitment to providing efficient and convenient banking solutions for our customers. Our commitment to create value for our shareholders also remains unwavering. After an 11-year pause, we were pleased to distribute $0.4 million in dividends to our common shareholders on June 15th. This gesture reflects our dedication to maintaining a balance between growth and rewarding those who invest their trust in us.

The Path Forward:

As we move forward, it’s essential to recognize that the Bank is now in a phase of accelerated growth. We are building on the strong foundation that has been established over the past four years. This phase requires the commitment and collaboration of all stakeholders – our dedicated employees, loyal shareholders, supportive customers, and the wider community.

Acknowledgments:

I extend my sincere appreciation to our esteemed Board members for their guidance, our Executive Management Team including my predecessor Mr. Kenrick Brathwaite for their diligence, and our staff for their dedication. I also express my gratitude to our loyal shareholders and customers for their continued support.

Looking Ahead:

As we look to the future, I am confident in our ability to realize the potential within us. We are poised to take the next steps in our journey, fueled by a shared commitment to excellence and growth. With the economy rebounding and our strategic initiatives in place, we have good reasons to be optimistic. With caution, we look forward to the challenges and possible rewards that our strategic plans are seeking to achieve. 
Our primary focus remains: To be the most respected financial institution in The Bahamas and the Bank of choice for all Bahamians. Our aim is to deliver superior retail and commercial banking services and products to our customers, while simultaneously providing value to our shareholders and stakeholders in a safe and sound manner. In closing, I thank you all for your unwavering support. Together, we will continue to build on our successes, adapt to change, and embrace the opportunities that lie ahead.

Neil T. Strachan
Managing Director
Bank of The Bahamas Limited