At its recent AGM, Bank of the Bahamas officials reported that the Bahamian institution had generated significant growth in core business activities, with resulting profits. Gross revenue was up 11.6%, with net revenue showing a 17.7% increased compared to the previous year’s fiscal performance, a milestone according to Managing Director Paul McWeeney. Bank of the Bahamas Trust, which received its full service licence and authorized agent status in 2000, is expected to turn a profit in its third year of operation.
Established in 1988, Bank of the Bahamas is 51% owned by the Government of the Bahamas, with its remaining shares owned by some 4,000 Bahamian shareholders.