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Monday, November 17, 2025
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Commonwealth shrugs-off 46% regulatory costs jump • Joins with 27% insurance hike to add $6m expenses COMMONWEALTH Bank yesterday revealed it • ‘Elevated expenditure expects full-year “organic, sustainable profits” to outpaces revenue’ for 2 years exceed 2024’s outcome despite regulatory and insurance costs increasing • But ‘organic’ profits to beat by a combined $6m over ‘24 with record dividend the past two years. By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Tangela Albury, the BISX-listed lender’s chief financial officer, told Tribune Business that the 46 percent and 27 percent increases in these two expense categories since 2024 represents an “elevated level of expenditure” that has “outpaced revenue growth over the same period” to impose continued pressure on operating efficiency. Speaking after Commonwealth Bank generated a $3.131m, or 6.3 percent, year-over-year increase in total profits for the first nine months of 2025 to $52.567m, she explained that - while “core earnings” will likely finish the year higher than
2024 - on an “absolute” or total basis they will likely be down because of a smaller reversal in loan loss impairments. But, with Commonwealth Bank poised to make its “single largest dividend payment” ever of five cents per share on November 27, Ms Albury told this newspaper that it expects to maintain the 6 percent loan portfolio expansion enjoyed for the first nine months through the 2025 year-end. She added that growth in the bank’s core business remains vital to generating sustainable profit growth
driven by rising top-line interest income. And, with “no material” adjustments for loan impairment reversals expected in 2026, the Commonwealth Bank chief financial officer said it anticipates “a full normalisation of our operations” in the coming year with loan book and other organic growth “firmly embedded in our business model” and able to support consistent dividend payments to shareholders. Detailing the ongoing cost pressures faced by the BISX-listed lender, which specialises in consumer lending, Ms Albury
Rosewood Exuma opponents hail ‘huge rule of law victory’ By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters LEADING opponents of the $200m Rosewood Exuma project yesterday hailed “a huge victory for the rule of law” and asserted that its developer had “crumbled under pressure” by pledging to seek fresh approval for a revised site plan. Turtlegrass Resort and Island Club, in a statement to Tribune Business after Miami-based Yntegra Group unveiled its decision
to effectively restart the Town Planning Committee process all over again, asserted that a development - which would become its adjacent neighbour on East Sampson Cay - is “back to square one” in getting the necessary permits and approvals to move forward. Yntegra, in a statement, said that in response to concerns aired by Turtlegrass and others it plans to relocate its service dock - a move that will require it to file a revised site plan with
REVISION - See Page B8
‘A 100% go’: Cruise power bond 17% over-subscribed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CRUISE ship power provider’s bid to raise $100m in bond financing from Bahamian investors was “17 percent over-subscribed” ahead of its Friday close with a further “few million on the way” just prior to deadline. Anthony Ferguson, president of CFAL, which acted as financial adviser and placement agent to Island Power Producers’ latest capital raise, told Tribune Business that the project to supply vessels docked at Nassau Cruise Port with liquefied natural gas (LNG) generated energy is a “100
ANTHONY FERGUSON percent go ahead” following the bond offering’s completion. Voicing optimism that the company’s generation turbines and LNG storage tanks will be “hooked up”
VESSELS - See Page B7
MICHAEL PINTARD
TANGELA ALBURY told Tribune Business: “In the past four years, the bank has experienced a meaningful rise in regulatory fees and statutory costs of 46 percent, driven by increases in Business Licence fees and the Deposit Insurance Corporation (DIC) premium increases. Collectively, these items have added approximately $4.5m to our annual cost base in 2024 and 2025. “Insurance costs, collectively NIB (the National
LENDER - See Page B6
FRED MITCHELL
Pintard ‘stands by’ accusations over Foreign ministry’s $1.7m AC repairs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday said he “stands by” accusations that a $1.7m contract awarded for air conditioning repairs and upgrades at the Ministry of Foreign Affairs was up to six times’ over-priced and a waste of Bahamian taxpayers money. Michael Pintard also told Tribune Business that the contract for “mechanical rehabilitation” and
“environmental remediation” at the ministry’s Goodman’s Bay Corporate Centre offices, which was awarded to Sandyport-based Noontide Management Group, was never put out to competitive bidding - an assertion that has been supported by non-political sources. The Free National Movement (FNM) leader first drew attention to the air conditioning repair contract at the party’s Thursday
CONTRACT - See Page B7