The Bank of Bermuda has recorded record first quarter earnings of $14.2 million for the three months to September 30 -- some 77 percent higher than for the same period last year.

The record numbers come through continued growth in core business, but also as a result of the one-off 1996 cost of restructuring the bank's treasury portfolio.

Chief financial officer, Edward H. Gomez, said, "Total revenues increased by 24 percent from the prior year. Fees were up 21 percent worldwide, with continued growth coming from our Far East and European operations.

"In particular, revenues from corporate trust and investment services were up, with Le Masurier, James & Chinn, the bank's recently acquired brokerage in Jersey, contributing to that increase.

"We also note that we are watching recent events in the Far East markets with interest in view of their potential impact on an important part of the Bank's revenue stream.

"Expenses for the period increased by 12 percent, mainly to support the bank's growth overseas. Personnel costs were the largest contributor to the increase, but all cost components were within the bank's annual operating plan.'' The bank was pleased with recent ratings of Moody's Investors Service for Bermuda banks and Mr. Gomez said: "The Bank of Bermuda received Moody's ratings of A2 and Prime-1, for long term and short term deposits, and a financial strength rating of C.'' The bank's president and CEO, Henry B. Smith, said, "We are very pleased with this strong start to the financial year. We are seeing renewed strength in our Bermuda operations and further growth overseas.

"The efforts of our excellent team worldwide, assisted of course by continued buoyant markets, have us well ahead of our opening targets. "We also take pride in our new ratings from Moody's, which were the highest received by a Bermuda bank. These ratings place us in excellent company internationally and underscore the bank's fundamental strength.''