with the bank announcing a more than 34 percent improvement in bottom line profits to $2.93 million for the year to September 30.

The balance sheet grew by more than 53 percent to more than $618 million.

Bank chairman John Deuss said the growth percentages were consistent with the previous year and remarked: "Growth at this level for a second consecutive year is an excellent achievement.

"BCB has shown control of the growth of its cost base; this is the key to these excellent results. The ratio of operating income to cost can be seen to have increased steadily over the past five years.'' Customer deposits increased 57 percent or $372 million to $584 million, year-over-year. Total cash and deposits with other banks grew 63 percent from $350 million to $570 million.

Earnings per share rose 33 percent from 51 cents at the prior year end to 68 cents at September 30, 1997. Return on equity climbed to 9.84 percent from 7.89 percent.

Managing director Peter Roberts focused on the increase in commissions and fees earned by the bank during the year, as new, prestigious clients brought business to the Island's smallest bank.

"The strength of our financial results reflects a marked improvement in the consistency and focus of our marketing efforts,'' he said. "Looking forward to 1997/98, we expect to see further, steady increase in profitability as we continue to control expenses. The marketing effort and cross selling among the business areas within the bank will be primary points of attention.'' Strategic alliances with State Street Bank and Merrill Lynch were highlighted as cornerstones of the BCB marketing platform.

Mr. Roberts said: "The way forward will give improved definition to our product range and a marketing strategy built around these products. We will continue to improve our procedures and we are intensifying the development of electronic systems mirroring these procedures to deliver flawless, seamless, service through better systems to our customers.'' The directors also declared a dime dividend per share for the second half of the year, bringing the dividend for the year up 33 percent to 20 cents per share.

In 1993, BCB declared profits of $500,000, $1 million dollars in 1994, $1.6 million in 1995 and $2.2 million last year.