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Commonwealth Bank announces extraordinary dividend to be paid February 28

Commonwealth Bank recently announced it will pay a two cent-per-share extraordinary dividend on February 28 to all common shareholders of record February 18. The dividend represents the second extraordinary and final dividend based on 2018 earnings and brings total dividends paid relative to 2018 earnings to 12 cents per share.

The extraordinary dividend and the bank’s history of regularly paying dividends since going public in 2000 reflects the bank’s philosophy of sharing its success with its shareholders. Total payout in 2018 exceeded $35 million to shareholders, an amount that stayed in The Bahamas.

“By maintaining these levels of dividends that are supported by the bank’s profitability, we have been able to demonstrate the value we place on our shareholders and reward them accordingly,” said William B. Sands Jr., executive chairman.

“The bank has a very healthy capital position with more than double the capitalization required by Central Bank and our earnings position remains strong,” said Sands. “Sharing with those who bank with us and believe in Commonwealth Bank as a valuable investment is part of our core commitment.”

With more than $1.7 billion in assets, Commonwealth Bank’s draft unaudited earnings for 2018 are approximately $50 million. Audited results for 2018 are expected to be released shortly.

Commonwealth Bank has eight branches on New Providence; full service branches on Abaco, Grand Bahama and Spanish Wells; and numerous offsite ABMs for 24/7 banking available to customers.

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