Bermuda Commercial Bank 6 Month Profit: $3.2M

The Bermuda Commercial Bank Limited [BCB] released details of the financial results and operations for the six months ended 31 March, 2012. BCB reported a profit of $3.23 million for the six months ended March 31, 2012 equating to fully diluted earnings per share of $0.44. This compares with a profit of $1.35 million ($0.20 [...]

Court: Man Pleads Guilty To Smashing ATM

This morning [Apr.16] in Magistrates Court, 32-year-old Paul Clarence Williams pleaded guilty to smashing an HSBC cash machine at White’s Supermarket on Middle Road in Warwick, with Mr Williams saying he did it as the ATM took his card. The action happened 3:40am on Sunday 8th April 2012 and was recorded on the machine’s CCTV [...]

Minister Announces Grand Atlantic Open House

[Updated] Public Works Minister Michael Weeks today [Mar. 22] announced that there will be an open house at the Grand Atlantic development on Saturday, March 31 from 10 am – 4 pm. Minister Weeks will be at the open house from 3 to 4 p.m. to meet and speak with interested buyers and a representative from the [...]

John Deuss Goes On Trial In Holland

One-time Bermuda-based businessman John Deuss has gone on trial in the Netherlands accused of banking without a license, disguising unusual transactions and forming a criminal organisation that made ​​possible large-scale carousel fraud in England. Dutch media sources reported today [Mar. 26] that the 69-year-old banker and oil trader was standing trial in Arnhem along with [...]

BMA Issues Quarterly Banking Digest

The Bermuda Monetary Authority published its latest quarterly banking digest for the island last week [Mar. 14] and the new statistics show the aggregate risk asset ratio of Bermuda banks remained flat at 23.2% during the quarter as lower risk-weighted assets — down by 3.8% — offset an increase in leverage. The digest also reported [...]

Capital G 2011 Earnings: $3.2 Million

Capital G Bank Limited today [Mar.15] announced earnings of $3.2 million for the year ended December 31, 2011, down 7% from $3.4 million recorded for the same period last year. The Bank’s net operating income before loan loss provisions climbed to $58.4 million, equivalent to a 28% improvement from $45.8 million in 2010. Ian Truran, [...]

100% Financing For Warwick Condos

[Updated] 100% financing will be offered to qualified first-time home purchasers of units at the Grand Atlantic Development in Warwick, said Minister of Public Works Michael Weeks this afternoon [Mar.12]. “While others in the community have been busy crying disaster, doom and gloom, the Government of Bermuda is hard at work coming up with creative [...]

Alleged Fraudster Used Bermuda Account

The US Securities and Exchange Commission today [Mar.6] announced it has charged a New York-based investment adviser with using a Bermuda client fund account to defraud investors in five offshore funds, using some of their money to buy himself a multi-million dollar beach resort property on Long Island. The SEC alleges that Brian Raymond Callahan [...]

‘Resilient Year’ For HSBC Bermuda

HSBC Bank Bermuda Ltd made net income of $152 million in 2011 in what CEO Philip Butterfield described as a “resilient year” for the financial institution. Year end highlights on “underlying” performance include: Underlying consolidated net profit of US$152m for the year ended 31 December 2011, an increase of 3% compared with the prior year. Underlying [...]

Butterfield: 2011 Net Income $40.5M

The Bank of N.T. Butterfield & Son Limited today [Feb.19] announced net income for 2011 of $40.5 million, compared to a reported loss of $207.6 million in 2010. Butterfield President & CEO Bradford Kopp said, “The Bank generated respectable levels of profit in each fiscal quarter, contributing to net income for the year of $40.5 [...]

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