Welcome to Bank of The Bahamas Limited

The fiscal year ended June 30, 2024, has been nothing short of transformative, marked by a remarkable 73% increase in net income to $19.7 million, compared to $11.4 million in the previous year. Our strategic initiatives have not only been fully realized but have also exceeded our expectations, leading to this tremendous success.

Strategic Sales & Investments:

A key driver of this performance has been our aggressive sales strategy, particularly within the retail banking sector, which resulted in consumer loan growth of 21%, or $27 million. The strategic placement of our excess liquidity, along with an increased customer base and favorable market conditions, further bolstered interest income.
Our credit process flow enhancements have played a pivotal role in improving operating efficiency, while our Collections and Recovery teams have worked tirelessly to reduce impairments, contributing significantly to the bottom line. 

Enhanced Customer Experience:

We have also launched several initiatives to expand our offerings and enhance customer experience. During the year, we successfully launched our Debit Card distribution, opened a dedicated Mortgage Center, and relaunched an enhanced Online Banking Platform for retail clients. Our sales campaigns and events, including Mortgage Fairs and Auto Shows, have strengthened customer engagement and credit growth. These efforts, combined with strategic partnerships, fueled a $4.7 million increase in operating income, with interest income alone contributing $4.2 million.
While we achieved exceptional results, we faced challenges in managing rising operating expenses, which increased by $5.4 million. These costs were driven by higher employee expenses, regulatory fees, and IT investments, reflecting our commitment to better serve our customers through continued investment in our infrastructure and technology. 

Financial Strength:

Our financial position remains strong, with total assets standing at $998.5 million and net loans and advances to customers at $401.4 million. Our capital ratio (CET1) of 43.4% remains well above regulatory requirements, and total equity closed at $199.7 million.

The Way Forward:

As we look ahead, we are committed to sustaining this momentum by focusing on digital innovation and maintaining our customer-centric approach. I would like to express my deepest gratitude to our Board of Directors, Executive Management team, staff, shareholders, and, most importantly, our valued customers, who have been integral to our success. Together, we are well positioned for continued growth and prosperity.

Neil T. Strachan
Managing Director
Bank of The Bahamas Limited