BDA Commercial Bank: $1.35 Million Profit
The Bermuda Commercial Bank Limited [BCB] reported a profit of $1.35 million for the six months ended March 31, 2011 equating to fully diluted earnings per share of $0.20.
This compares with a net loss of $1.47 million for the six months ended March 31, 2010. Additionally, we recorded a $5.52 million unrealised gain on our investment portfolio. Total revenue for the period was $5.74 million compared to $2.45 million in the prior period.
Michael Collier, Chairman, stated that “Our improved earnings reflect strong interest income on our investments matched by solid growth in customer deposits.”
“The Bank’s profit together with the pleasing unrealised gain on our investment portfolio boosted shareholders’ equity to $82.58 million at March 31, 2011 compared with $74.96 million at September 30, 2010. Our capital ratio, which is a measure of liquidity and stability, was 18.6% at period end, significantly higher than the general industry standards and a clear indication of the strength of BCB’s balance sheet,” said Mr. Collier.
The full 11-page release is below, click ‘Full Screen’ for greater clarity:
