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Best Bank: Bank of Bahamas International |
An economic slowdown globally has had little impact on Bank of the Bahamas, which has assets of about $800 million, up from about $700 million last year. At its mid-year results at the end of December, the bank reported that it had attracted 5,000 new accounts, opened a branch in Cat Island, and grown its private banking division, showing its strength domestically and in Florida where it recently opened an office.
From June to end of December 2008, the bank had achieved 82% of the total net income of the entire previous financial year. The bank’s total revenue grew by almost 9% to $31.5 million, far exceeding the 2008 GDP growth rate, while net income stood at slightly above $5 million – it was $6.1 million for the financial year end 2008.
With concerns that tourism might be adversely affected by the north American recession, managing director Paul McWeeney has said the bank’s sound, prudent practices will continue this year.
