**Early “bang” in 2004 Continues…**
Commonwealth Bank’s T.B. Donaldson has issued the Chairman’s Report for the period January 1-June 30, noting that net income had increased by 10.5% over the same period the previous year – now at $12.7 million. Total assets increased to $728.6 million at the end of the 2nd quarter, an $11.8 million jump over the first quarter. This was attributed in part to the bank’s acquisition of Citibank NA’s retail personal loan portfolio.
Commonwealth had recorded record first quarter results, with the Chairman at that time reporting that 2004 had *”started off with a bang”.*
In his latest report, Chairman Donaldson advised that the current level of economic growth and activity in North America, and its probable overflow into The Bahamas, translated into a favourable outlook for the second half of 2004.
The fully Bahamian-owned Commonwealth Bank Limited operates nine branches and a Credit Card Centre. With over 42 years experience, it has established itself as a community-oriented bank providing quality banking products and services.