Bermuda's banks and deposit companies held total assets of $16.62 billion at the end of second quarter 1998, a 5.3 percent increase over second quarter 1997 according to figures released by the Bermuda Monetary Authority (BMA).

The figure was 5.7 percent above assets at first quarter 1998, and 1.7 percent below combined assets recorded at the end of 1997. The companies had deposits of $2.147 billion at the end of second quarter 1998, an increase of 9.2 percent over the same period last year.

Total loans, advances and mortgages added up to $1.782 billion an increase of 11.1 percent over second quarter 1997.

BMA general manager Malcolm Williams said the increases were a mirror for the continued strength and growth of Bermuda's economy, as was the increase in the Island's current account surplus.

"The increases are in line with expectations,'' he said yesterday. "It shows a positive and encouraging economic picture.'' Bermuda had a current account surplus of $100 million in the second quarter, an increase of 16 percent over second quarter 1997.

For the half year Bermuda's current account surplus was $14 million or 18 percent of first half last year.

Ministry of Finance economic advisor Ron Holberton said revenue from the international company sector was expected to increase over last year.