Bank's $35m profit sets new recrod
company -- $35.858 million for fiscal 1993.
The Bank's president and CEO, Mr. Donald Lines, said the 20 percent improvement on 1992 would have been "even more dramatic'' but for the recession.
For the first time, the Bank revealed its full contribution to the Bermuda economy.
The Bank said it accounted for three percent of all Government revenues last year.
"It may be a bit of a shock to international companies to learn the extent of our corporate giving,'' said Mr. Lines. "It's quite dramatic.'' International business accounted for the Bank's entire profit, earning a net income of $37.235 million.
Domestic banking, on the other hand, made a net loss of $1.377 million.
The Bank of Bermuda also made the news yesterday for another reason when it was revealed that millions of dollars from suspected crime was deposited there last year.
The Federal Bureau of Investigation believes the Bank was unwittingly caught up in an alleged money laundering attempt by American businessman Craig McFarland, who was arrested in Europe earlier this week.
Full stories -- see Business, Page 13.