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Bank wipes out $30m loss in three months By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed bank says its best first quarter for a decade has more than wiped out the near$30m full-year loss it suffered for 2021, which was sparked by a 41.4 percent jump in bad loan impairments driven by COVID-19 fall-out.
⢠Commonwealth enjoys best Q1 for decade ⢠Driven by $17.4m COVID provision reversal ⢠Commits to rolling-over $600m Govât debt
Tangela Albury, Commonwealth Bankâs vice-president and chief financial officer, in written replies to Tribune Business questions revealed that credit recoveries during 2022âs first three months were âmore than double budgetary expectationsâ as borrowersâ ability to service their loans improved in line with a reflating Bahamian economy. Driven by a $17.403m reversal of previously-taken loan
loss impairments, the lenderâs $30.406m profit for the 2022 first quarter more than recovered in just three months the $29.998m full-year 2021 loss that was largely caused by a $27m-plus year-overyear rise in bad credit provisions. âWe have had a great start to the year, with a terrific first quarter total profit of $30m,â Ms Albury said. âThis result has
Atlantis launches seaplane tie-up with Kamalame Cay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATLANTIS has moved to better enable its guests to âexperience the sheer beauty of the Family Islandsâ with this weekâs launch of its partnership with Coco Bahama Seaplanes and Kamalame Cay. Audrey Oswell, the Paradise Island mega resortâs president and managing director, in written replies to Tribune Business questions said it was moving to âshare all of The Bahamas with our visitorsâ
⢠Excursions to Harbour Island, Spanish Wells also planned by providing day excursions to the Andros resort via Cocoâs seaplanes. The three round-trip flights per week, capable of carrying eight Atlantis guests per trip, took off on Saturday from Odyssey Aviation at Lynden Pindling International Airport (LPIA) with the resort planning further excursion additions and expansions
âTremendous ignoranceâ on VAT breadbasket row By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Coalition for Responsible Taxationâs (CRT) head has slammed âthe tremendous amount of ignoranceâ shown by Bahamian politicians from all sides in the continued debate about eliminating VAT on so-called âbreadbasketâ items. Gowon Bowe, who led the private sector group in the run-up to VATâs
2015 implementation, told Tribune Business he has âextreme difficultyâ with why some cannot see that zero rating/exempting these goods from the now-10 percent levy âis counterproductive to what the objective isâ. Removing VAT from goods such as flour, corn beef, grits and tomato paste merely gave a tax break to those who could afford to pay the tax, he reiterated,
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âNo time to celebrateâ on better fiscal signs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WHILE the better-thanexpected fiscal performance gives the Davis administration âsomething to hang their hat onâ heading into the upcoming 2022-2023 Budget, it was yesterday warned: âItâs not time to celebrate yet.â Hubert Edwards, head of the Organisation for Responsible Governanceâs (ORG) economic development committee, told Tribune Business that while the headline numbers unveiled on Friday were âpositiveâ the entire
HUBERT EDWARDS report for the third quarter and first nine months of the Governmentâs 20212022 fiscal year needs to be
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to give visitors âexperiences like no otherâ. âThis service has been in the planning stages for quite some time. We wanted our guests to experience the sheer beauty of the Family Islands and love them as much as we do,â Ms Oswell said. âWe are pleased to share this special experience with our guests,
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