Financial services holding company Somers Ltd notched up net income of $32.3 million for the year ended in September.

Net asset value of the company’s shares stood at $18.66 at year end, up 5.2 per cent on the $17.74 recorded the previous year, the company said in a Bermuda Stock Exchange filing.

The increase was attributed to the increased value of Somers’ holding in Waverton, a UK wealth manager with $5.1 billion in assets under management.

Warren McLeland, chairman of Somers, who also own Bermuda Commercial Bank, said that Waverton, on the back of strong equity markets this year, recorded “excellent financial results”.

He added: “At the end of the year we completed the acquisition of a majority stake in Homeloans Ltd, formerly known as Resimac Ltd, and this is another important step in growing our assets and acquiring holdings in profitable businesses which can positively impact our other investments.

“We look forward to working with the Homeloans’ management team to grow and develop their business in the coming years.”

The company now owns 59 per cent of Homeloans, an Australian financial institution.

The firm’s Private & Commercial Finance Group reported record profits of $5.2 million for the 18 months to the end of September, as well as a 12 per cent increase in business originations.

Mr McLeland said: “2017 points to an exciting year for Somers with PCFG recently granted a banking licence in the UK and BCB under new senior management and consequently we are optimistic about the year ahead.

“We have maintained our financial strength during the year and continued the policy of modest gearing levels.

“Our focus remains to deliver strong returns for our shareholders and increase in the final dividend is demonstration of that focus.

“The company remains fully invested, but as our capital grows and our investments return surplus cash to Somers in the form of dividends we will look to increase the portfolio.”

Over the year, there was a $34.8 million gain on the company’s investment portfolio, compared to a loss of $3.1 million the previous year.

Total Somers assets stood at $346.9 million at year end, compared to $216 million the year before.

The company will pay a final dividend of 26 cents per share, compared to 24 cents last year, bringing the total dividend for the year to 44 cents per share.