**T. Baswell Donaldson, Chairman**
Commonwealth Bank has released results for the first six months of 2007 reporting strong performance in every category with net income up 25.1 percent over the same period last year and share value hitting its highest mark ever.
Net income of $22.4 million for the six-month period ending June 30 set another record for the bank, topping last year’s record for the same six months of $17.9 million. Shares in the bank that passed the billion dollar mark in total assets late last year mirrored its impressive performance, trading at $14.69 as of June 30, up from $12.51 at December 31. Total assets stood at $1.1 billion as of June 30 with the bank’s newest branch at Golden Gates continuing to outperform expectations.
Commonwealth Bank Chairman T.B. Donaldson reported the positive returns, noting that a robust economy and the *”dedicated teamwork of every member of Commonwealth Bank staff”* helped drive six-month net income to its highest ever, and putting it on track to top last year’s $40.4 million in net income for the 12-month period ending December 31. That was the 10th consecutive year Commonwealth Bank reported record profits.
Chairman Donaldson says economic indicators for the third quarter of 2007 look healthy, with the bank looking forward to a satisfactory performance.
Commonwealth Bank operates 10 branches in New Providence, Grand Bahama and Abaco and employs more than 500 persons.