fiscal 1993 -- up by 12 percent on the previous year.

Income for the 12 months to June 30, 1993, went up by 9.3 percent ($9.17 million) to $107.59 million, while expenses increased by 8.3 percent ($5.95 million) to $77.44 million.

A statement released with the results stated: "Overseas operations contributed substantially to the group's performance.

"While Bermuda-based earnings were generally good, boosted particularly by strong returns achieved in treasury operations and our continued success in international business using Bermuda as a base, domestic banking business showed moderate growth.'' The Bank increased its workforce by 56 to 1,168 at year-end, with 48 of these new people being employed in its overseas operations.

Interest income was the biggest earner, with net interest going up by 6.3 percent ($2.84 million) to $47.88 million.

Non-interest income was even higher, rising by 11.9 percent ($6.3 million) to $59.7 million.

Fees, commissions and service charges increased by 14.8 percent ($3.47 million) to $26.89 million).

Management, brokerage, foreign exchange and corporate services fees went up by 18.2 percent ($3.02 million) to $19.62 million.

Trust and executorship fees went up by 12.55 percent ($1.39 million) to $12.53 million and other fees dropped by 69.5 percent ($1.55 million) to $677,657.

Salaries accounted for the biggest expense, increasing by 6.23 percent ($2.3 million) to $39.16 million.

Pension and other staff benefits went up by 16.3 percent ($930,943) to $6.65 million.

Property expenditure fell by 6.5 percent ($623,556) to $9.03 million. The amount spent on systems and communications went up by 4.4 percent ($325,748) to $7.78 million.

Other expenses increased by 25.6 percent ($3.02 million) to $14.82 million.

Although the Bank's assets dropped by 1.8 percent ($60.78 million) to $3.347 billion, its liabilities also fell, by 2.6 percent ($84.26 million) to $3.130 billion.

During the year, the Bank increased the value of its loans to customers by 31.6 percent ($22.49 million) to $936.52 million.

At June 30, 1993, the Bank's premises and equipment was valued at $61.4 million -- an increase of 4.7 percent ($2.75 million) over the year before.

Butterfield's cash and deposits with other banks dropped by 16.8 percent ($383.82 million) to $1.905 billion.

The Bank's biggest liability are its deposits, which fell by 3.5 percent ($111.86 million) to $3.04 billion.

Total shareholders' equity increased by 12.2 percent ($23.48 million) to $3.13 billion.

Earnings per share were $3.65 for the year, compared with $3.29 in 1992.

Return on assets increased from 0.86 percent to a record 0.92 percent this year and return on equity declined marginally from 14.9 percent to 14.7 percent.

1993 RESULTS PROFIT $30.15 M INCOME $107.59 M EXPENSES $77.44 M ASSETS $3.35 B LIABILITIES $3.13 B SHAREHOLDERS' EQUITY $216.65 M EARNINGS PER SHARE $3.65.