A dividend of 20¢ per share also has been declared, payable on October 30th, 1998 on the 8% Convertible Preferred shares to shareholders of record October 16th, 1998. Cheques will be mailed to preferred shareholders on October 30th, 1998 or deposits will be made for value that date.
Our first six months' results are still being prepared but indications are we will be slightly above budget and close to the level of earnings generated in the first half of last year. Interest earnings from mortgages and loans were higher than the previous year, but fee income from new mortgage closings fell, while fee income from new personal and consumer loans strengthened.
Customers' deposits have shown satisfactory growth, particularly in the second quarter, although the continuing need to market our services and products effectively to maintain the growth rate of our deposit base is still a priority.
Shareholders are reminded that we offer U.S. dollar savings and fixed term deposits at competitive rates for those who wish to maintain some of their funds in U.S. dollars.
Bermuda Reality Company had a successful six months with good results in all departments. The number of real estate sales was consistent with the first six months of last year, but commissions earned were higher. The rental department generated increased earnings from higher rental activity while our short term rental service, catering to holiday rentals, showed a considerable increase in volume and revenues. If any shareholder is interested in selling or renting property, please feel free to call Andrew Horsfield, Manager, Sales, Neil Couper, Manager, Rentals or any of our sales or rental agents.
Bermuda Reality's Property Management and Appraisals Department also achieved a satisfactory increase in business volumes and revenues.
Our property management team offers a range of commercial and residential property management services including leasing services for commercial buildings and
condominiums. In addition, we offer a quality appraisal service for individual or commercial customers who may be interested in buying or selling, obtaining financing for property development, assessing insurance coverage or estate planning. We are able to provide a comprehensive appraisal or a less detailed opinion of value. Please call Brian Madeiros, Manager, if you would like any additional information on these services.
On behalf of our Board we are pleased to announce the promotion of Mrs. Marsha L Burrows as Manager, Personal & Consumer Loans, effective September 1st, 1998. Marsha transferred to Bermuda Home Limited from The Bank of Bermuda Limited in 1994 as Loans Officer and was promoted to Assistant Manager, Personal & Consumer Loans in April, 1995. More recently Marsha obtained her Masters Degree in
Business Administration from Queen's University in Canada, having successfully completed the two year Queen's University Executive MBA programme.
Our share purchase programme is continuing with some 31,700 common shares and 15,800 preferred shares purchased and cancelled from April 1st, 1998 to late September. This represents .7% and 1.7% of common and preferred shares respectively based on the number of shares outstanding at the beginning of this financial year. While most shares are purchased through the open market, shareholders with odd lots of up to 100 shares are reminded they can sell directly through Bermuda Home Limited by calling our Corporate Secretary, Mrs. Joan L. K. Barnes at 299-1402.
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For more information, contact Joanne MacPhee at the Bermuda Stock Exchange at phone 1-441-292-7212 or fax 1-441-292-7619. Information is also available at www.bsx.com, on Bloomberg at BSX
The Bermuda Stock Exchange is a fully-electronic offshore securities market founded in 1971. The BSX lists more than 200 securities -- including equities, mutual funds and bonds, as well as depository receipts -- and is recognized by the U.S. SEC as a Designated Offshore Securities Market.