Commonwealth Bank Reports 2014 Unaudited Year End Results

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppNassau, 25 Feb 2015 – Commonwealth Bank, today, reported unaudited total profit of $53 million in 2014. Total assets closed to $1.47 billion at December 31, 2014. Earnings were up 7% over 2013 when the Bank reported total profit of $50 million. Total assets were up 3% over 2013. “I am pleased with the Bank’s results in 2014,” said William B. Sands Jr., Executive Chairman of Commonwealth Bank.“They confirm that our business strategy remains appropriate and that our staff remains both capable and dedicated to the plan as laid out by the Board and Executive Management.”The improvement reported in total profit for the year was despite the introduction of a new $5 million turnover based business license fee in 2014.Interest Expense declined in 2014 as the chronic excess liquidity in the system continued to depress deposit interest rates. For 2014 interest expense was $31.7 million compared to $35.5 million a year earlier. Sands noted that, “Although the bank grew its loan book by 3% in 2014 – the timing of the growth was such that it did not materially impact fiscal 2014. We expect to see the full impact of the growth in 2015 when the new loans would have earned interest for a full year.”Amid an environment of high nonperforming loans, Commonwealth Bank continued to record low levels of impairment in its portfolio when compared to the industry averages. As a result the Bank was able to reduce its loan impairment expenses by $3.4 million compared to 2013. Charged Off Loans declined by almost $6.5 million in 2014 to $28.4 million, while at the same time, Balance Sheet allowances for loan impairment increased by $1.2 million over 2013 to $55.5 million. On December 31, 2014, Commonwealth Bank’s impaired loans represented 5.8% of its total outstanding loans. The industry’s impaired loans, as reported by The Central Bank, were 16.1% of aggregate loans of all banks.The Bank’s total expenses grew by 10% in 2014 which equated to $5.9 million. Total Group taxes and license fees increased by $4.2 million over 2013. Apart from the increase in tax and government license fees, most of the remaining increase was in variable costs.Commonwealth Bank continues to report strong capital and liquidity ratios with a capital ratio of 27.9% and a liquidity ratio of 33.6% compared to the requirements of The Central Bank of 17% and 20% respectively.The Bank’s earnings per share was $0.49, return on assets was 3.3% and return on equity was 23.1%. These all compare favourably with 2013 when the Bank reported $0.46, 3.1%, and 23.0%, respectively. The Bank continued to share its success with its shareholders through uninterrupted quarterly dividend payments. Dividend payments totaled $0.30 per share in 2014 and were unchanged from 2013.Showing appreciation for the results, Sands pronounced “Commonwealth Bank remains grateful to our customers and shareholders for their continued support. I want to personally thank every member of our team of dedicated professionals who are integral to our success.”Commonwealth Bank is the largest Bahamian owned bank listed on BISX. The Bank is a market leader in service and convenience, operating eleven branches in New Providence, Abaco and Grand Bahama and employs over 530 staff.Please visit the Bank‘s website at www.combankltd.com for information on Commonwealth Bank’s dividend payment history, other financial reporting information and a full set of audited financial statements which will be published on our website within the time frame established by BISX. Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:last_img read more

There should be a method to madness

first_imgAn author, entrepreneur and a public speaker – Karan Verma is in truly a jack of all. There is nothing that he does not want to try and that’s how after he authored his book ‘Jack and Master,’ which turned out to be a national bestseller, he established his company ‘The Big Picture’ and turned into a proficient public speaker; inspiring and motivating thousands of students pan India. Now, he is looking forward to his book being adapted into a movie. And that’s not it; he is a brand consultant to Crayons advertising too. Well, you get one life, right? In a candid interview with Shreya Das he talks about how he came up with his debut book and his upcoming projects Also Read – Add new books to your shelfEvery character in a fictional book is a figment of the author’s reality. How did you come up with Jack and master? I have been a jack all my life and did a lot of things. And to be very honest, I had a very rocking life. Growing up in Lucknow, I was a very naughty kid who wanted to do a lot of things. I just pretty much wanted to run in the direction of my dreams and didn’t mind falling down. I would just love to lace up my boots again and start running. At the same time, as a 90s kid, you were expected to be not less than an engineer or a doctor. So like a good guy, I chose engineering though I was pretty good in debates. And while I was pursuing engineering, theatre and talks kept fascinating me. I used to dabble in a lot of things. I remember I used to travel to Mumbai and write scripts for MTV. This was the reason many people referred me as a jack. And this kind of stayed with me and grew on me. Siddharth (the master) is my alter ego. I am also fascinated by people who are masters of their craft; a Bill Gates, a Sachin Tendulkar, an AR Rahman. So, if I want to sum up myself, I am a jack who aspires to be master someday. I think that should be the journey of our life; you dabble in a lot of things, you do well and finally you find out your true calling someday. Or you never find your true calling; you are good at everything and Also Read – Over 2 hours screen time daily will make your kids impulsivecontinue staying that way.So, who do you think would succeed in real life, a Jack of all crafts or a master of one?I have addressed this issue in the book. It depends upon the turf. For specialized fields somewhere you need a master. For a leadership position, perhaps a jack of all could inspire people more. I have seen jacks become amazing leaders, because there are certain domains where you need to have more qualities than being just a master of one. But then there are fields where you need a master. So, jack and master are two sides of the same coin. Some people just seek the moments in life, they have a bucket list but some people just want to touch the pinnacle of glory. Tell us a bit about your upcoming book…It is a youth related story with a huge canvas. People say that ‘Jack & Master’ has a huge canvas and it has but this one is just 10 times huge as far as the canvas is concerned. In my upcoming, I am talking about life as a totality; what life means to different people and it’s a classic. At its heart, it’s a love story but it has a lot more in store than being just a love story; what more, I would like to keep it under wraps because the book should come later this year or early next year.What message would you like to give to all the jacks, confused about their next step? I think one of the things that people say is chase dreams. One of the lessons that I have learned is that even if you are chasing your dreams, chase them with your eyes and ears open. At times you’ll get too carried away but even risks should be taken with a certain degree of calculation. So, always have some sort of a plan in mind. It’s good to be crazy while you are young but there has to be a method to the madness as well.last_img read more

India in high demand says Contiki after launching new 2018 Asia program

first_imgIndia in high demand, says Contiki, after launching new 2018 Asia program Tags: Asia Pacific, Contiki << Previous PostNext Post >> Posted by TORONTO — Contiki’s 2018 Asia program keeps getting bigger and better, with the launch of a new 10-day ‘In-Depth Discoverer’ trip to India.Titled ‘Southern Spice’, the itinerary was launched in response to the high demand of the company’s widely popular 12-day ‘Eternal India’ trip, which first debuted in 2016. According to Contiki, visitor growth to India has increased year after year, especially after the introduction of the e-Tourist Visa, fuelled in part by millennial demand.‘Southern Spice’ takes clients from Chennai through Pondicherry, Kumbakonam, Mudurai, Periyar, Kumbakonam, Kerala Backwaters and Cochin over 10 culture-filled days. Highlights include an exclusive overnight on a house boat, a Martial Arts performance in Kalaripayattu, a rickshaw ride to Meenakshi Temple in Madurai, and visits to a spice plantation, tea factory, silk weavers’ homes and a bronze casting school. ME Time Optionals also offer travellers the chance to go on a Sunset Boat Cruise in Cochin, dress up in sarees (ladies) or a dhoti (men) in Kumbakonam, and partake in a local family cooking demonstration and dinner in Periyar.More news:  ‘Turn around year’ for TPI brings double-digit growthContiki’s new 2018 Asia program continues to offer four unique accommodation styles including central hotels, beachside resorts and unique Special Stays such as jungle tree houses and floating raft bungalows in Khao Sok National Park. In addition, an authentic Asian travel experience is guaranteed with bullet trains, rickshaws, junk boats and tuk-tuks to travel around in, while knowledgeable Trip Managers, experienced Drivers and a network of highly trained Local Guides ensure clients are in the best possible hands.In addition to Contiki’s new trip to India, other trips that are part of the new Asia program include the refined and improved ‘China Adventure’ and the ‘Big Indochina’ itineraries.To help agents entice their clients to experience Asia, clients can save up to $580 or 10% if they book and pay in full by Nov. 30, 2017 on trips departing on or after April 1, 2018.center_img Share Travelweek Group Wednesday, August 16, 2017 last_img read more