Job of The week- Banking Assistant

The Central Bank Of the Bahamas


Category: Permanent Employment
Job Description:
Core Functions:
• Co-ordinate and supervise teller operations.
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Education and Experience:
• Associate’s degree in accounting/banking/finance or equivalent qualification from a recognized tertiary institution.
• Working knowledge of spreadsheet and word-processing applications.
• Good time management and organizational skills.
• Sound human relations skills.
• No experience required.

Download the Permanent Position application form here

Net income in banks rise 10 percent in 1Q

By JAMMAL SMITH

Guardian Business Reporter
The net income of banks operating in The Bahamas grew by 10 percent to$64.4 million in the first quarter compared to the same period last year, but a pair of financial experts say the increase shouldn't be interpreted as a breakthrough for financial institutions.
The figures were revealed in the Quarterly Economic Review recently released by the Central Bank of The Bahamas.
Former Minister of State for Finance James Smith toldGuardian Businessthe growth in net income shouldn't be viewed as a massive improvement because progress made in previous years should be taken into consideration.


"The 10 percent net income increase could represent growth from a historically low level."Smith said, who is also a former Central Bank governor."It means that it has turned around but it hasn't returned to pre-recession levels. If there is two successive quarters of positive growth then basically you can say that[banks]have turned the corner."

Smith's statements are backed by the previous Quarterly Economic Review released in July, which indicated a sharp decline in net income after a strong performance in the first quarter of 2008.

The report said:"Since achieving a level of$80 million in the first three months of 2008, banks'net income fell sharply, by an annualized average of 18.0%($14.7 million)during the subsequent quarters to end-2009, and contracted by a further 9.2%($5.3 million)to$51.8 million over the review quarter."

While Smith said it's too early to tell what direction net income is heading, another financial analyst said the approach taken by local banks led to the improvement.

President and CEO of Providence Advisors Ken Kerr told Guardian Business that financial institutions have taken the proper steps that resulted in an increase in net income compared to last year.

"What[banks]have done is tighten up like all other businesses, contained cost significantly and stepped up on collections and that has allowed them to remain[profitable]and increase profitability,"Kerr said."Notwithstanding the fact that times are uncertain and challenging, people still need money and those who qualify have gone to access the banks for cash."Compared to the same period last year, operating costs for banks rose by 1.6 percent to$70.2 million and net interest income grew by 4.4 percent to$125.6 million. Provisions for bad debts decreased by$2.3 million, and earnings from non-core activities turned a profit for the first time in over a year at$3.6 million.

Kerr said banks have stepped it up, which is the reason why they have experienced a productive first quarter.

"Stepping up on collections and better underwriting of loans has led to the improved profitability,"he said."So it's not necessarily that the economy is turning around although it might be very slowly, the banks have done a better job of management." Original Article HERE

Central Bank Warning!

The Bahama Journal – The Central Bank of The Bahamas is warning investors to steer clear of a fictitious offshore bank that is operating in The Bahamas without a licence.
The Bank recently issued a public warning about the fake bank, which is reportedly based in New Providence.

Sabadell Atlántico Private Offshore Bank Bahamas, whose address is listed as 18 East Bay Street, is the most recent addition to the list of unlicenced companies operating in The Bahamas.

Sixty-three fictitious companies are now listed on the Bank’s Cumulative Warning List.

“The entity . . . is not licenced under the Banks and Trust Companies Regulation Act, 2000 to conduct banking and/or trust business in or from within The Bahamas,” the Bank said in its warning notice.

“Members of the public who transact business with this entity do so at their own risk.”

The Central Bank also said Sabadell Atlántico Private Offshore Bank Bahamas has no relationship, whatsoever, to Banco Atlantico (Bahamas) Bank & Trust Ltd., which is licenced to operate in The Bahamas.

The latter is currently in voluntary liquidation.

Calls placed to Central Bank Governor Wendy Craigg for comment were not returned up to press time. However, in previous interviews Mrs. Craigg noted that Bank officials were made aware of the illegal banks after spotting a number of fake promotions over the Internet.

Last November the Bank issued a warning about Banco de Bahamas, which was operating illegally.

The Bank first published the warning list in 2005. However, several illegal operations have been going on since September 2002.

The Securities Commission recently shut down loan scheme operation, Lamont Pays the Bills.

The company had been advertising no interest personal loans ranging from $1,000 to $5,000.

The Commission issued the company a cease and desist order and ordered company officials to return their clients’ money. According to the Financial and Corporate Service Providers Act (FCSPA), 2000, money lending without a licence is a criminal offence.

The illegal banks listed on the Cumulative Warning List include: Alliance Central Bank, Allied Chartered Banks, Alpha Credit Union; Alpha Trust Group; Agro Capital Trust, Banco de Bahamas; Banco de Paribas; Banque de Bogota; Brent Bank Bahamas; Brent Bank & Trust Company; Caribbean International Bank; Central Credit Unions (CCU); Century Bank & Trust Ltd.; Century Financial Trust Services; Colina Financial Trust Services; Continental Credit Union Bank (CCUB); Continental Trust Bank.

Crown Choice Financial, Crubank Corporation, Deltec Financial & Trust Services; Equitorial Capital Trust; First Atlantic Offshore Banking Corporation; First Capital Financial & Trust; First Atlantic Offshore Banking Corporation; First Capital Financial & Trust; First Citizen Trust Bank; First Pacific Financial Corp; First Standard Finance; Globenet Finance & Trust; Gonet Trust Company; Greenefield International Bank Ltd.; Greenefield International Private Bank; Guyana Finance and Trust; Highland Bank; Icon Trust Bank; Imperial Finance & Credit Nominees; Imperial StrongHold; International Investment Banking Corp; International Investments Bank (Group) and International Investments Clearing S.A. are also on the list.

Jyske Bank Bahamas; Meridian Trust Banking Corp; Nassau Finances; Nassau Trust Ltd; National Trust Bank; Noble Finance Company; Noble Trust Services Co (Promoter James A. DiLullo); Pacific Union Trust and Finance Ltd.; Pinnacle Investment Bankers; Progressive Investment Bank; Prudence Trust and Finance; Reddington Capital Trust; Royal Bank Mutual; Royal Pacific Trust; Sabadell Atlantico Private Offshore Bank Bahamas; Sherbourne Financial Ltd.; Sky Private Bank & Trust (Bahamas) Ltd.; Standard Financial Trust; Standard National Bank & Trust; Trinity Savings Bank, Ltd.; Uniglobe Investment Banking; Union Center National Bank (UCNB); United Alliance Trust; United Bank of Bahamas; Universal Alliance Company and Universal Credit Union Bank also make the list.

Most of the banks purport to operate from the downtown area.

One of the banks claims to operate out of Freeport.