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Bermuda Commercial Bank Limited – Reports 2011 Interim Results (Excerpt)
Hamilton, Bermuda – 12 May, 2011 – Bermuda Commercial Bank Limited (the “Company” or “BCB”; Ticker: BCB.BH) announces details of interim financial results and operations for the 6 months ending 31 March, 2011.
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, BCB 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.
“Overall we are pleased with the steady growth of the Bank’s deposit base and profitability since the completion of the sale of the Bank to the new investor group in April 2010. Over the course of the last twelve months, we have made it a management priority to strengthen the Bank from the ground upwards. We have improved our employee and management depth by retaining new professionals, and continue to invest in new state-of-the art technologies and streamlined processes in all operational areas. We are indeed pleased to have received the 2011 Kinetic Process Innovation Award for Banking Technology Application Excellence. Our existing customers will have seen the roll out of new products,” stated Mr. Collier.
Interim Dividend
The Board of Directors has resolved that a semi-annual dividend of $0.10 per share will be paid to shareholders of record as of May 18, 2011.
In summary, Mr. Collier said “Our longer-term shareholders will have noticed that the Bank has changed significantly over the last year – changes that will serve and benefit our growing customer base. BCB seeks to broaden its market share in Bermuda, while we are also considering overseas opportunities. As a result of these efforts and investments we are confidently looking to the future from a position of strength.”
About Bermuda Commercia l Bank
Bermuda Commercial Bank Limited (BCB) is one of Bermuda’s four licensed banks, established in 1969 and regulated by the Bermuda Monetary Authority.
Bermuda Commercial Bank is Bermuda’s only bank focused purely on corporate and private wealth clients, offering a range of bespoke financial solutions. Bermuda Commercial Bank takes pride in ensuring clients’ assets are safely and professionally managed at our Hamilton based office.
For the complete text, including financial data, of this release or more information about the Company please visit the website www.bcb.bm.
BCB is publicly traded and listed on the Bermuda Stock Exchange www.bsx.com (Ticker: BCB.BH). The share price is available on the BSX and on Bloomberg and is published daily in the Royal Gazette.
For further information please contact:
Horst Finkbeiner, Chief Operating Officer
Bermuda Commercial Bank Limited
(441) 299-2873