Bermuda National, the parent company of the Bermuda Commercial Bankhas posted a profit of $4.8 million for its third quarter ended June 30.BCB alone recorded net income of $1.8 million for the quarter ended June 30 compared to $4 million in the 2012 quarter.BCB’s profit for the nine months ended June 30 was $6.8 million compared to $7.2 million in 2012.Total revenue for the period was $6.3 million compared to $7.6 million in 2012.BCB’s capital ratio was in excess of 20 percent, BNL said, and it had a tier one ratio of 22.65 percent.The company said other investments continue to perform in line with expectations.Commenting on the financial results, Warren McLeland, chairman of BNL said: “The third quarter has produced good results for the Company and another strong performance from BCB in particular.“Post the quarter end, the completion of the acquisition of J O Hambro was a significant event for the Company and will hopefully bring a number of synergies and benefits to our other investments. Westhouse Holdings plc continues to experience difficult trading conditions, but we believe that following a number of initiatives, future results should improve.”For the nine months ended June 30, 2013, BN recorded net income of approximately $4.8 million on total assets of approximately $584.1 million and shareholders’ equity of approximately $130.2 million.BNL said:“The Company’s performance in the third quarter continues to be positively driven by BCB which recorded net income in the quarter of $1.8 million before accounting for unrealised gains from its investment portfolio which were $2.2 million for the quarter.”BNL said its share of the losses incurred by Westhouse in the third quarter was approximately $350,000.“This remains disappointing but the losses are reducing and continue the improved trading performance that was reported in the second quarter,” the company said.“The Company’s other investments continue to perform strongly and in line with expectations.”BNL noted the August 5 completion of the acquisition of J O Hambro for a total cash consideration of £50 million.BNL now owns 62.5 percent of J O Hambro’s issued share capital with the balance owned by J O Hambro’s management and staff.“This proposed acquisition is a significant strategic step for BNL as it is acquiring a well known UK private wealth asset manager with a strong track record,” BNL said.“It is anticipated that the acquisition will provide a number of synergies across the Group.”Post the quarter end the company’s major shareholders, Utilico Investments Limited, Permanent Investments Limited and ICM Limited, in aggregate exercised Bonus Warrants to raise approximately $22.4 million for the company.These funds were then used to part fund the J O Hambro acquisition.Fees and commissions increased to $1.12 million for the quarter from $1.06 million a year earlier following an increase in corporate secretarial fees.Gains from the sale of financial investments were $2.2 million for the quarter compared to gains of $1.9 million in 2012.Payroll costs for the quarter were $2.3 million compared with $1.9 million in the prior year.General and administrative expenses were $2.0 million (2012: $1.5 million).The bank had total assets of $568.2 million at March 31, “broadly in line with the September 30, 2012 balance of $572.0 million”.Cash, money market funds and term deposits decreased to $217.2 million from $226.9 million at September 30, 2012 following a similar decrease in customer deposit balances.Financial investments decreased slightly to $253.5 million from $256.8 million at September 30, 2012.Loans and advances were $43.3 million at June 30, 2013 up from $34.2 million at year-end. Total customer deposit balances decreased slightly to $451.2 million from $457.5 million at September 30, 2012.BNL said the Bank’s capital position increased to $109.4 million at June 30, 2013 from $104.8 million at September 30, 2012. This improvement resulted primarily from unrealised mark to market gains on the Bank’s financial investments portfolio.