Bermuda Commercial Bank yesterday announced a $1.35 million net profit for the six months through March 2011, as revenues more than doubled and client deposits rose by almost one third.The bank is going through a period of rejuvenation under new owners who took control of the bank a year ago, after a three-year period of limbo when the bank was seeking a buyer and the business was effectively put on hold.The net earnings announced yesterday equated to fully diluted earnings of 20 cents per share compared to a net loss of $1.47 million for the same period a year earlier.The board of directors declared an interim dividend of 10 cents per share for shareholders of record as of May 18, 2011.Total revenue for the period was $5.74 million compared to $2.45 million in the prior year period. BCB saw a 29 percent increase in client deposits during the six months to $418.5 million from $323.61 million.BCB also recorded a $5.52 million unrealised gain on its investment portfolio.Shareholders' equity rose more than 10 percent to $82.58 million at March 31, 2011, compared with $74.96 million six months earlier.Total interest income increased fivefold to $4.84 million, compared with $0.94 million one year ago. This increase was driven by the reallocation of a portion of the bank's balance sheet into a diversified and liquid investment portfolio.BCB's chief operating officer Horst Finkbeiner, who has been with the BCB since 2006, said the bank had made great strides since it was taken over by Permanent Investments Ltd last year, led by former Butterfield Bank CEO Michael Collier, who is chairman of BCB.“We were in a state of limbo during the sale process, but now we are rejuvenated and back in the market,” Mr Finkbeiner said.One of the bank's main thrusts had been to attract a broader deposit base by offering attractive rates, such as 3.75 percent for a four-year fixed-term deposit. Much of the $95 million increase in deposits during the half-year period went into term deposit accounts.“We're targeting longer-term deposits, because we can do more with them,” Mr Finkbeiner said. “We can use them for lending or for funding an investment portfolio.“We're able to offer strong rates, because we have no bad loans or impaired assets, so there is no drag on the balance sheet. Our investment portfolio is returning about 6.5 percent and we have not raised our risk profile significantly to achieve that.“We're investing in high grade corporate paper and some equities nothing exotic. We continue to be a very conservative bank.”BCB came through the financial crisis unscathed and is not burdened with issues of soured investments and non-performing loans that are weighing on others. That was a powerful plus factor for BCB now, he added.“Whenever there is uncertainty in the marketplace, people are going to look for safety,” Mr Finkbeiner said. “We have picked up business from around the world, including people who have banked in other jurisdictions and wanted to move it to us a safe place.“The idea that the big banks are the safest everybody knows it didn't work out that way. Our clients do tend to look at the balance sheet and they know we are safe.”About 60 percent of BCB's customers are Bermuda-based and 40 percent from elsewhere in the world. Apart from fixed-term deposits, the bank offers asset management, trust and corporate banking and investment funds services.Last year, BCB made a $5.2 million strategic investment in London brokerage Westhouse Holdings. The bank hopes the partnership will open up new investment opportunities for its clientele. Also the bank hopes to attract more clientele from London.BCB's clients range from people who put $10,000 in a deposit account to high net worth individuals, corporate clients including law firms, and investment funds.The bank has a committed staff, Mr Finkbeiner said, adding there had been no turnover and that additional managers had been taken on in recent weeks. The bank now has 43 employees.“We have made a number of hires and as the volume of business grows, we will be looking to add more,” he said.BCB chairman said in a statement: “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 12 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.“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.”Useful website: www.bcb.bm