Commercial Bank: Net Income of $11.8 Million
Bermuda Commercial Bank Limited [BCB], a Bermuda financial services company, has revealed its results for the nine month period ended on June 30, 2014, with a consolidated net income of $11.8 million [2013: $6.8 million], assets totaling $596.3 million [2013: $591.7 million], capital increased to $122.5 million [2013: $109.5 million], regulatory capital remaining strong at 20.32 percent, and a tier 1 ratio of 21.87 percent.
Commenting on the financial results, Peter Horton, CEO of the Bank, stated:“Our third quarter results are very pleasing and reflect exceptional performance during the quarter by our investment portfolio.
“Our normalised earnings remain strong. Our strong core earnings base, clean balance sheet and robust capital structure position us very well for future growth. We remain dedicated to developing and growing the business by continuing to invest in our infrastructure and our people, and by seeking to develop new and enhanced products and services.”
Alan Gilbertson, Interim Chairman of BCB, commented:“Congratulations to everyone in the BCB team for the efforts which led to such a successful nine months. The Bank is building on this foundation by investing significantly in developing our infrastructure.
“This, allied with our continuing commitment to a strong balance sheet and capital base, will lead to an even stronger business in the long-term. I extend a special thank you to our clients for their continued support. We will work hard to earn it.”
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