Bank of the Bahamas International reports record net income for the three months ending September 2004 – the first quarter in its 2004-2005 fiscal year. This represents a 4.75% increase to $2.284 million, with net interest income increasing by 12.72% to $4.236 million. Managing Director Paul McWeeney says *”We are very pleased to report positive growth for the first quarter of our fiscal year. Strong growth in assets, earnings per share and net revenue, coupled with advances in operating efficiency, reflect external and internal improvements – both of which auger optimism for the remainder of the year. “*
Expansion of its merchant services programmes and the introduction of online banking were two factors adding to the bank’s positive balance sheet. The Bahamian public is rapidly warming to the use of online technology, says the Managing Director, and the bank plans to continue its investment in online technology offerings.
Bank of the Bahamas started trading on the local Bahamas International Securities Exchange on November 25th. Previously, BOB traded over the counter, but Mr. McWeeney says this latest move allows the Bank to take advantage of trading in a formal environment that follows a single set of rules. *”BISX brings all potential buyers and sellers of our shares to one market and offers them one price, one benchmark. That’s good news for both the bank and our shareholders.”* BISX CEO Keith Davies welcomes the listing, pointing out that investors now have another alternative, BOB is open to new institutional investors, and BISX’s market capitalisation has increased to almost $2.1 billion.