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Tuesday, February 17, 2026
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‘No runaway train’: Fidelity aims for 2025% corporate doubling BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FIDELITY Bank (Bahamas) is aiming to double commercial clients to between 20-25 percent of its business within five years, its chief executive revealed yesterday, even as it fell $546,000 short of its $18m profits target for the 2025 full-year. Gowon Bowe told Tribune Business that the BISX-listed lender’s “core fundamentals” remain strong, while asserting that there is “no runaway train on expenses”, even though he acknowledged that “some shareholders” will likely be critical of the 7.4 percent, or near$3.5m, increase in full-year costs to more than $50m for the year to end-December 2025. With employee costs, in the form of salaries and benefits, increasing by 15.3 percent or almost $2.29m to $16.959m when compared to 2024 levels, he described the “key phrase” for 2026 as “accountability” - meaning that staff must justify
* Lender below $18m profit as staff costs up 15%
GOWON BOWE the compensation they receive by delivering on the increased efficiency promised from ongoing system upgrades while also ensuring higher margins show up in increased profitability. Mr Bowe told this newspaper that the 5 percent
Bahamas can ‘kiss summer bye’ if no imminent boat feet reform BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN marinas can “kiss the summer goodbye” if reforms to the new and increased boating fees, and accompanying regulatory changes, are not unveiled PETER MAURY in time for the Palm Beach Boat Show that will take place at endMarch 2026, it was argued yesterday. Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business he was unaware of how far negotiations on potential revisions between the private sector and the MInistry of Finance have progressed as his group has not been involved, but said any changes communicated now will come too late to rescue the Spring Break period that has already started. And he warned that, with the Palm Beach Boat Show just weeks away on March 25-29, The Bahamas is rapidly running out of time to use the event as a potential launching pad for informing the international boating and yachting community of fee and regulatry process reforms intended to entice them back to this nation. “All we ever see is that it’s being discussed and the stakeholders will be consulted,” Mr Maury told this newspaper, responding to Chester Cooper, deputy prime minister, who said the boating fee review is ongoing and and update will be provided “in due course”.
CHANGE - See Page B2
Top executive says expenses not out of control
Card magins up 5% amid ‘accountability’ push
margin increase on Fidelity Bank (Bahamas) card business in 2025 should have a greater bottom line impact this financial year, while the systems improvements that have helped drive a spike in general and administrative expenses should be completed within six months. The impact from reduced spending on this initiative, while likely to be modest in 2026, is forecast to have a greater effect in 2027. The Fidelity Bank (Bahamas) chief also said the banking platform and systems upgrade will position the institute to attract more corporate and commercial clients, with ambitions to increase this
segment from 10 percent of its business to between 20-25 percent over the fiveyear “medium-term”. And, pointing out that the bank is achieving consistent annual profitability, with net and total comprehensive income falling just short of $18m in both 2024 and 2025, Mr Bowe said it will again seek to match this “primary base case” in 2026 with $20m representing the “stretch target” it believes it can eventually attain without going “on a cost-cutting exercise”. Asserting that there were “no major surprises” with Fidelity Bank (Bahamas) 2025 full-year results, with unaudited figures showing a 2.9 percent
GROWTH - See Page B4
Taxi chief blames Royal’s PI project for downtown fall-off BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE BAHAMAS Taxi Cab Union’s president yesterday blamed the December launch of Royal Caribbean’s $200m Paradise Island beach getaway destination for what he described as a noticeable reduction in business for his members. Tyrone Butler told Tribune Business that, while the downturn cannot be attributed to a single factor, the Royal Beach Club designed as an exclusive, cruise line-managed destination for up to 2,700 Royal Caribbean passengers daily - is limiting the number of tourists venturing into downtown Nassau and using local taxi services.
“The jobs have shrunk,” he said. “Not because of that issue alone, but it is one of the major reasons. When we spoke with the Prime Minister, he made it clear this is a joint venture between the Government and Royal Caribbean. So it’s not just a private company. The Government is part of it.” Mr Butler argued that by taking passengers to a cruise-controlled facility across Nassau Harbour, business that traditionally flowed to downtown transportation providers is being redirected. Part of the concern is that it is not only Royal Caribbean’s destination affecting taxi business but the Government, as a partner in the project, is also contributing to the loss of business for taxi drivers.
TRAFFIC - See Page B2
Cabinet discussed VAT end on critical agricultural inputs BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net A CABINET minister yesterday signalled that the Government is mulling calls to eliminate or reduce VAT on agricultural inputs in a bid to even the competitive playing field for Bahamian farmers against rival imports. Jomo Campbell, minister for agriculture and marine resources, suggested Bahamian farmers might soon hear from the Prime Minister’s Office over their plea that VAT be eliminated on all “essential agricultural inputs.” He
added that he has also JOMO CAMPBELL received similar concerns and suggestions from the fly fishing industry about placing Bahamian producers at an unfair competitive advantage through eliminating VAT on all uncooked foods from April 1, 2026. “You may hear more on that soon, coming from the Office of the Prime Minister and through the Ministry of Economic Affairs,” Mr Campbell said. “But that
EQUAL - See Page B4
ANDROS Renewable Energy Company Limited Founder and CEO Kenwood N. Kerr, left, and Prime Minister Philip Davis.
‘Well beyond $20m’ for Andros energy overhaul Renewable group says three plant approvals to be ‘fast tracked’ Will be built to supply ‘almost double’ initial 7.2 MW required ‘We won’t be wasting time’: Construction to commence in 2026 BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PRIVATE sector group is investing “well beyond $20m” to develop three new Andros-based power plants set to be “fast tracked” for approval ahead of a construction start forecast for later in 2026, it was revealed yesterday. Kenwood Kerr, principal of Bahamian-owned Providence Advisors, a key member of the Andros Renewable Energy Company consortium, told Tribune Business that the three plants will be constructed to supply “almost double” the combined 7.2 mega watts (MW) of electricity that the island presently requires to ensure generation capacity is not outpaced by future economic growth and development. Speaking after the project’s unveiling at the Office of the Prime Minister, he
disclosed that the three power purchase agreements (PPAs) - that govern the price, and terms and conditions, on which each plant supplies electricity were signed with Bahamas Power & Light (BPL) in December 2025 prior to the Christmas holidays. While declining to disclose figures, Mr Kerr told this newspaper that Andros Renewable Energy Company believes it will be able to supply more reliable, cleaner and affordable energy at a price that is “a lot less” than BPL’s current tariff rates and costs. And, pledging that the group “won’t be wasting time”, he added that it has already been conducting site visits to the proposed plant locations in Nicholl’s Town, Fresh Creek and the Bluff over the past year to assess engineering and geotechincal conditions plus the available
AFFORDABLE - See Page B5