Friday, December 13, 2019

Bahamas Development Bank eyes loan delinquency rate slash to 25 per cent by year-end

BDB Managing Director Dave Smith

BDB with some $16 million in outstanding arrears

NASSAU, BAHAMAS – The Bahamas Development Bank’s (BDB) expects to slash its loan delinquency rate to 25 per cent by year’s end, according to its Managing Director Dave Smith.

Smith said the bank has some $16 million in outstanding arrears at the Warren L Rolle Apprenticeship press conference yesterday.

“With regards to delinquencies we are continuing our process,” he said.

“We are contacting those clients in the first instance and trying to get to amicable arrangements and then of course where we can’t see that working we take it to the next step and pursue legal action. We are working with the clients, reaching out to them to try and get them to settle their obligations.”

Smith said: “The rate of delinquency right now is 60 per cent. By the end of the year we probably will be at 25 per cent because of a particular action that we have taken. We are looking at roughly $16 million outstanding and some of this goes over many years.  Read more >>