Somers Ltd Quarter, Year End Financial Results

December 20, 2013

Somers Limited, a Bermuda exempted financial services investment holding company announced its results for the quarter and the year ended September 30, 2013.

Commenting on the financial results, Warren McLeland, Chairman of Somers said, “We are pleased with the Company’s first year’s results as a listed company with BCB in particular continuing to report strong results with profit increasing by almost 20% year on year.

“It was excellent to note that Fitch Ratings recently reaffirmed BCB’s investment grade rating and revised the Bank’s outlook to stable. JOHIM’s operating performance since the acquisition in August is positive and Somers and the JOHIM management team are working well together. The Company’s other investments continue to perform in line with expectations.

“Against this positive backdrop the Company is pleased to declare a final dividend of $0.20 per share, making a total dividend for the year of $0.32 which is an increase of almost 10% from the total dividend paid to BCB shareholders for the year ended September 30, 2012.

The Company’s balance sheet is strong and has no external debt. We believe that there will be opportunities for the Company’s investments to grow in 2014 and that we are well placed to benefit from this growth. We therefore look forward to 2014 with optimism.”

Company Highlights:

  • Change of name to Somers Limited from Bermuda National Limited;
  • Underlying consolidated net income for the year of $8.2 million;
  • Shareholders’ equity attributable to Somers shareholders’ increased by 52.2% to $159.5 million as at September 30, 2013 [2012: $104.8 million];
  • Net asset value per share increased by 4.3% to $14.96 as at September 30, 2013 (2012; $14.34); and
  • Payment of a final dividend to shareholders of $0.20 per share [total dividend for the year of $0.32 per share].

Investment Highlights:

  • Record profit from Bermuda Commercial Bank Limited with the Bank reporting net income for the year ended September 30, 2013 of $8.9 million [2012: $7.5 million];
  • BCB Tier 1 ratio remains strong at 22.3%;
  • Fitch Ratings reaffirmed BCB’s investment grade rating and revised the Bank’s outlook to stable, as a result of the Bank’s strong liquidity, capital position and improving financial results. They commented that the Bank’s balance sheet “continues to be more liquid than its counterparts on the island.”
  • Appointment of Peter Horton as Chief Executive Officer of BCB; and
  • Completion of acquisition of J O Hambro Investment Management Limited (“JOHIM”), the UK private wealth asset manager.

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