year to March 31 and declared a dividend of 7.5 cents a share for the period.

It is the first time in the 25-year history of the bank that it has released six month figures and the first time there was a six month dividend.

On the second anniversary today of the change over in ownership and management of BCB, the institution appears poised for significant growth. Much optimism is expected at this afternoon's special general meeting for the $237-million bank that the growth will begin to accelerate.

Managing director, Ms Audette Exel commented: "We are extremely pleased with the results so far this year, and we expect the results of the second half of 1995 will be stronger than the first half.

"The figures reflect the confidence that the Bermuda and overseas markets have in the bank. For the 18 months prior to this six month period, the bank underwent significant restructuring and reshaping, and we are now seeing the benefits from those changes.

"We consider ourselves to be a `niche' bank, specialising in international and corporate business. We feel we have proven our position in the Island's banking community and built a foundation on which we will continue to grow.'' The bank first signalled the fact that it had arrived by publishing its 1994 annual report, displaying a $1,040,782-profit for the year to September 30.

Analysts saw it as just the beginning.

Revenue for the first two quarters of this year was $8,289,395, compared to a full year 1994 income of $14,140,379. Expenses for the six month period have held the line at $7,710,451, a three percent increase over the same period last year.

The bank said the increase was due to increased depreciation costs relating to the bank's new computer systems and marginal increases in salaries and employee benefits.

The risk ratio was a conservative 16.9 percent.

The 7.5 cents a share ($106,878) dividend compares favourably with the ten cents a share ($142,504) paid for the entire 1994 year.

The bank lost nearly $102,000 in net investments last year, but this year they have made almost $28,000 in net investment. Fees and commissions brought in $2,665,110 last year and during half that period this year, they have brought in $1,344,306.

The retained earnings at the beginning of the 1994 year were $376,944, and at the beginning of 1995, they were $1,384,733. The retained earnings at the end of 1994, September 30, were $1,384,733, but had mushroomed to $1,920,702 by March 31.

The period also saw the establishment of BCB (Mauritius) Ltd., BCB's first overseas subsidiary providing custody services for investment opportunities in Asia and Africa; the launch of BCB Gold, an on-line "real time'' cash management system; and the signing of an agreement on principal terms with Merrill Lynch Asset Management, marking the first such agreement between a Bermuda bank and a US investment advisor.

"Service, service and more service has been the key for us,'' said chief financial officer, Mr. Anthony Nagel. "The bank is certainly on a fast track.

We are really pleased with it.'' Ms Exel said: "We're beginning to see the benefits of the new computer systems that we have and our increased presence in the market.

"People have become more confident in BCB and we've seen a snowball effect.

We're seeing almost month on month an increase in business.'' The bank has concentrated on its core institutional and corporate business, especially in terms of mutual funds, she said.

"We intend to continue with strong growth, a tightly focused fee-driven business, a very clean risk profile of the bank and an aggressive, competitive approach to business, not only in Bermuda, but globally.

"It has been a huge two years for the 62 staff of the bank and they have been fantastic.'' There has been a very positive response to BCB Gold, with a number of clients on line and a lot of people asking for demonstrations.

"It's interesting actually, because the management team were divided on what the impact would be. Some believed that it would be just another product of the bank and I believed that it would be an absolute flagship. I think, so far, I'm winning on that,'' she said.

"However, we have to ultimately see how we will do in the next six months with it. We have had a lot of very positive feedback about it.'' Ms Audette Exel