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 per share) for the six months ended March 31, 2011.Total revenue for the period was $10.17 million compared to $5.74 million in the prior year period.
The Bank’s Chairman, Michael Collier, stated that “Our improved earnings reflect solid customer deposits and strong interest earnings on our investments and to a lesser extent our loan portfolios.”
Mr. Collier stated that “The Bank’s profit together with the unrealised growth of our investment portfolio boosted shareholders’ equity to $93.56 million at March 31, 2012 compared with $82.92 million at September 30, 2011.
“Our tier one capital ratio, which is a measure of strength and stability, was 25.52% at period end, significantly higher than general industry standards and a clear indication of the strength of BCB’s balance sheet. Our total capital ratio was 21.66%.”
“The Bank seeks to build value for our shareholders by generating consistent and sustainable earnings while adhering to our conservative risk profile.
“We are therefore pleased with the steady growth in profit levels and the strengthening of the deposit base since the completion of the sale of the Bank two years ago. BCB has become Bermuda’s bank of choice for clients that demand traditional service excellence along with a conservative approach to business.”
