Bermuda Commercial Bank Ltd announced today that its profits rose by more than 50 percent during the six-month period through March 31 this year.

The bank posted net income of $7.9 million, compared to $5.1 million in the same period a year earlier.

By the end of March, assets totalled $582.9 million, down from $591.7 million a year earlier, while capital increase to $123.7 million, up from $109.5 million.

The leverage ratio at 4:1 compares to the industry average of 12:1.

The Tier 1 ratio — a widely used measure of a bank’s financial strength — was a strong 21.81 percent.

BCB chairman Michael Collier said: “The bank continues to maintain its commitment to a strong balance sheet and capital base. In addition, the bank’s experienced staff and its ability to provide superior customer service to corporate and private wealth clients, finds the Bank well positioned for future growth.”

BCB CEO Peter Horton said: “We are extremely pleased with these excellent half year results. The strong earnings base, clean balance sheet and excellent capital structure positions us very well for the future. During the remainder of the year we will continue to develop the franchise, investing in infrastructure, our people, and at the same time retaining an extremely strong financial profile.”