Sunday, October 4, 2020

BOB sees $7 million net losses amid COVID-19 pandemic

Bank of The Bahamas

Paige McCartney
The Nassau Guardian

Bank of The Bahamas (BOB) closed its fourth quarter with a net loss of $7.4 million for the year, which ended June 30, its Managing Director Kenrick Brathwaite said in the bank’s just-released financial performance statement.

Due to the COVID-19 pandemic, the bank increased its net provision in loan losses to $15.3 million.

Brathwaite said despite the uncertainty surrounding the length and extent of the impact from the COVID-19 pandemic, the bank “remains committed to overcoming the crisis and its strategic plan in strengthening of our systems, expanding of products and improving overall customer service”.

“Amid this challenge of operating an essential business under such conditions, the bank recorded net operating income of $14.3 million for the 12 months ended June 30, 2020, compared to $4.6 million in June 30, 2019,” he said in a manager’s report. 

“However, this net operating income has been offset by the provision for impairment losses of $6.3 million and credit loss expense of $15.3 million resulting in an overall net loss of $7.4 million for the year ended June 30, 2020 compared to $2.9 million of net income in the prior year ended June 30, 2019.  Read more >>