at its annual general meeting, which is provisionally scheduled for September 23.

In the bank's latest letter to shareholders, chief operating officer Mr. W.

Scott McDonald said: "Although audited financial statements for the year to June 30, 1992, are still in the course of being finalised, indications are that the very strong performance reported for the first half of the year has been continued.

"This successful momentum is the more notable when viewed against the backdrop of recession in Bermuda and our other principal markets.

"The bank is now fully benefiting from extensive cost containment instituted a few years ago, together with selective marketing programmes in international business areas which have not suffered as much as others from the general recessionary environment.''