NASSAU, BAHAMAS — The Bank of the Bahamas reported a net income of $4.3 million for the first quarter of its new fiscal year, up from $4.1 million in Q1 of the previous year.
Neil Strachan, Managing Director of the BISX-listed lender, noted in its first-quarter report for the 2025 fiscal year: “Comparing the Bank’s overall operating income to the prior fiscal year, there was a $0.9 million increase. Of this, $0.6 million came from interest income, driven by the Bank’s lending initiatives and strategic allocation of excess liquidity. The positive performance was also supported by a $0.3 million increase in non-interest revenue from ancillary products and services, in part due to the Bank’s rapidly expanding customer base.”
The Bank recognized a net impairment loss of $0.4 million for the quarter ending in September, compared to a $0.4 million net impairment reversal in the prior year. The higher provisions were attributed to an increase in credit loss expense on loans and advances and lower recoveries.
Strachan further noted: “A slight decrease in operating expenses is primarily due to reductions in administrative expenses, licenses, fees, and occupancy expenses. Nevertheless, operating costs remain high, with increases seen in employee expenses, information technology, and depreciation. To enhance customer service, the Bank continues to invest in its staff, physical locations, and technology.”
He added that the Bank remains in a strong financial position, with total assets of $985.4 million as of September 30, 2024, including $414.9 million in loans and advances to customers.
