share, up nearly a third on last year.

According to the bank's first quarterly result for 1999/2000, the company's net income was $21.6 million, up from $16.6 million in the first quarter of the financial year 1999.

The figures also showed that shareholder's return on equity was 17.3 percent.

"This quarter was a sprint start to our financial year,'' said Edward Gomez, chief financial officer at the Bank of Bermuda.

"Net income was up by 30 percent compared with the same quarter last year, paced by fee based on revenues which grew $55.2 million.

He added that the recovery in corporate trust revenues that began last spring continued to be led by gains in their Far East operations.

Mr. Gomez went on to say that this mirrored the upturn in Asian markets.

"Growth in fee revenues was well balanced, with all Bank of Bermuda client groups posting increases in the 15 to 20 percent range versus the first quarter of last year.'' Mr. Gomez added: "The quarter's results also reflected double-digit growth in interest earnings, due principally to careful emphasis on liability pricing, improved asset mix and Bermuda Home.'' He said the bank wanted to improve productivity on both sides of their conservative balance sheet while maintaining strong capital ratios.

Henry Smith, the president and chief executive officer of the bank, welcomed the results.

Bank's net income increases He said: "These results underscore our position as a truly global institution. Our offices in Europe and the Far East reported excellent results. This was particularly encouraging given the challenges faced by our Far East businesses in the past fiscal year and supports our conviction that our long-term prospects in that region remain very bright.'' Total revenue increased 13 percent to $94.6 million from $83.5 million in the first quarter last year.

The growth was driven by a combination of improved revenues, up 17 percent and higher new interest income, up 11 percent. Fee revenues for the quarter of $55.2 million compared to $47.3 million a year earlier.

Corporate trust fees of $24.4 million were up 19 percent from $20.5 million for the same quarter last year. Over half of this increase was generated in the Far East offices.

Private trust fees and investment service fees were also up sharply on a year earlier with rises of 20 percent and 19 percent respectively.