The Bank of Bermuda' net profit surged nine percent to $163 million during the first six months of this year, despite tough economic times.

The banks' operating profit also rose by ten percent to $179 million for the six months ended June 30, 2008, compared to the first half of last year.

Net operating income was up seven percent to $340 million over the same period, but total assets were down one percent at $10.5 billion at June 30, 2008 compared to December 2007 and they declined $505 million or five percent compared June 30, 3007.

Philip Butterfield, CEO of the Bank of Bermuda, said: "I am pleased that we have been able to exhibit a ten percent increase in operating profit during the first six months of 2008 compared to the same period last year."

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