percent over a year ago.

For the year ended September 30, BCB reported net income of $1,616,321, up from $1,040,782 reported earlier.

"The financial year ending September 30, 1995 has been a great success for the bank,'' said managing director Ms Audette Exel.

"Our results this year reflect the hard work and determination of our dedicated team not only over the last 12 months but also over the preceding three year period,'' she said.

"These results have vindicated our `low risk, quality service' approach to banking,'' said chief financial officer Mr. Tony Nagel.

"The growth in our balance sheet gives rise to a very conservative weighted risk asset ratio of 30 percent, significantly higher than the required 10 percent margin, and presents us the ability to capitalise on future opportunities as they arise,'' he said.

BCB's assets at September 30 were $272.6 million compared to $235.4 million a year earlier, an increase of 15.8 percent.

Assets under trust, administration and custody reached $4 billion during the year, BCB said.

At September 30, after a rights offering, the net asset value per share was $6.11, on 4.3 million shares, compared to $8.14, on 1.4 million shares, a year earlier.

BCB shares closed up 12.5 cents at $5 on volume of 4,500 yesterday.

For the fiscal year, net income per share was 73 cents, against the weighted average 2.2 million shares, compared to 73 cents for the original 1.4 million shares.

The bank also announced yesterday a semi-annual dividend of 7.5 cents will be paid on December 8 bringing the annual dividend to 15 cents.

Net interest income rose to $3.1 million compared to $2.4 million while capital funds jumped to $26.1 million compared to $11.6 million.

During fiscal 1995 the bank put in place several elements to position the institution for future expansion including: A successful rights offering of 2.85 million shares which more than doubled the bank's capital base to $26.1 million.

BCB was internationally rated by Thomson BankWatch of New York. The rating was later upgraded.

New software products were launched.

BCB established BCB Merrill Lynch Asset Management, of Princeton, New Jersey.

The joint venture was the first of its kind between a Bermuda bank and a US investment advisor allowing Bermuda-based companies to have their asset management needs serviced locally.