six months of fiscal 1993 -- 14.3 percent up on the same period the year before.

Most of the increase was due to the performance of the Bank's overseas operations, which were up "significantly'' on the first six months of fiscal 1992.

There was little growth in the Bank's domestic business, although Bermuda-based earnings were boosted by a good showing by Treasury operations and a significant increase in the assets under management in the Bank's Buttress funds.

Total income for the six months to December 31, 1992, was up 10.3 percent ($4.89 million) to $52.19 million.

Investment income, which gave a terrific boost to last year's annual results, was again significantly up, this time by 41 percent ($2.54 million), to $8.79 million.

Net interest income went up by 5.6 percent ($1.2 million) to $23.6 million, while income from fees, commissions and service charges increased by 14.6 percent ($3.7 million) to $28.6 million.

Of the non-interest income, the most significant increase was in management brokerage, foreign exchange and corporate services fees, which went up by 22.6 percent ($1.74 million) to $9.44 million.

Expenses increased by 8.9 percent ($3.15 million) to $38.34 million, mainly due to a 7.7 percent ($1.4 million) rise in salaries to $19.62 million.

Pensions and other staff benefits were up by 14.7 percent ($400,447) to $3.13 millionwith the largest single increase.

Net income per share climbed from $1.48 to $1.68.

Assets as at December 31, 1992, amounted to $3.33 billion, an increase of 8.9 percent over 1991, while liabilities were up from $2.9 billion to $3.13 billion.

The return on assets increased from 0.79 percent to 0.83 percent and the return on shareholders' equity reached 13.8 percent, up from 13.6 percent in 1991.

In a press release, the Bank stat ed: "The continued successful performance of the Bank in these difficult conditions can also be attributed to successful cost containment while investing wisely in training and technology, improved quality of service, and the loyalty and hard work of its management and staff around the world.'' It said the Bank had managed to contain expenses despite continued expansion overseas.

Bank of Butterfield 1993 half-year results PROFIT $13.85 M INCOME $52.19 M EXPENSES $38.34 M ASSETS $3.33 B LIABILITIES $3.13 B NET INCOME PER SHARE $1.68.