Financial services investment firm Somers Ltd yesterday posted a $7.5 million loss for the six months to the end of March.

The firm — which owns the Bermuda Commercial Bank (BCB) and investment firm Waverton — said that valuation losses and negative currency movements as sterling fell 8.4 per cent against the US dollar.

The firm also recorded a net asset value decrease to $17.56 a share from the $18.96 reported in September last year.

The $7.5 million loss compared with a restated net income of $13.5 million a year ago.

The year-to-date loss per share was 65 cents, compared to earnings of $1.23 a share at the end of March last year.

The board, however, will pay an interim dividend payment of 18 cents a share, payable next month to shareholders of record on June 26.

Somers chairman Warren McLelland said: “The investment value losses recorded this period resulted from a reduction in the carrying value of Bermuda Commercial Bank and Waverton which together represents 82 per cent of our investment portfolio.”

Mr McLelland added BCB had invested in its operating infrastructure, including the areas of governance and compliance, organisational structure, people development and technology, as well as bidding to become more customer-friendly.

He said: “By strengthening these building blocks, the bank is positioning itself to compete for future growth.

“The value of our investment in Waverton was reduced following the transfer of one of the Waverton funds. While disappointing, we see this as an isolated event.”

Mr McLelland added: “The company’s capital portfolio remains fully invested and we remain comfortable with our current portfolio composition. As capital grows and our profitable investments return cash, we will look to use the funds to diversify our portfolio.”

BCB recorded a profit of $1.1 million for the first quarter of the year. Profits for the same period in 2014 were $3.61 million.

Total revenues for the period amounted to $7.8 million, down $1.69 million for the same timeframe last year.

Net profit for the six months to the end of march totalled $2.11 million. The corresponding figure for the previous year was $7.9 million.

Somers also holds a 68 per cent stake in the UK-based Private and Commercial Finance Group, which showed profits up 69 per cent to $2.1 million and a 13 per cent growth in its portfolio to $100 million.