up 66 percent on last year's profit of $307,353.

The financial results are the first to be posted since Barclays Bank Plc sold its shares in the Bermuda Commercial Bank (BCB) to First Curacao International Bank N.V., (FCIB) which is wholly owned by Mr. John Deuss, a longstanding Bermuda resident.

FCIB has not drawn a management fee from BCB this year, unlike Barclays which was previously paid a fixed management fee.

This is also the first complete fiscal year that the bank has focused solely on the profitable international, corporate and private banking sectors.

Exceptional costs, related to the reduced retail banking activities, were still borne by the bank. However, costs were offset by a pension plan refund of $177,893. The market value of the pension plan's assets were deemed to exceed the value of liabilities at July, 1993, so the bank was refunded surplus contributions.

Discount on the sale of loans was $4,884, management and legal fees amounted to $3,722 and the cost of employing temporary staff was $95,376.

Expenses were less substantial than in the previous financial year, with interest expenses cut back by $5 million. Total expenses fell to $14.303 million from $20.3 million.

Operating profit, before exceptional items, amounted to $435,686, down from $1.6 million.

The bank's revenue for the 12 months to September 30, 1993, was down from $21.978 million to $14.739 million.

Fiscal 1993 is the first year that BCB has declared a dividend since 1989.

BCB's acting managing director Ms Audette Exel said the bank was particularly pleased with the substantial increase in retained earnings which leapt from a loss of $92,020 to a profit of $376,994.

"The bank is now smaller and more tightly run, and as a result more profitable,'' she said. "The figures reflect a return to strong operating profits.'' She attributed the improved figures to "the removal of uncertainty regarding the Barclays share, hard work by the bank's staff and support from the local business community for the new-look BCB.'' "The style of management has changed radically this year. The bank has a genuinely participative management. All the staff are involved in decision making,'' said Ms Exel.

Staff numbers at BCB have increased from 46 in 1992 to 54 this year. An international department, with a staff of three, was set up in August, 1993 to act as a liaison point and co-ordinator for the BCB Group's international clients and international product development.

The bank has 30 more shareholders in 1993, bringing the total to 1,015. During the year a new subsidiary, BDR Co. Ltd., was formed to issue Bermuda Depository Receipts, the value of which is tied to the value of the Ace Limited shares quoted on the New York stock exchange.

Future capital commitments include the replacement of the current computer system and the alteration of the facade and internal structure of the BCB Building. Approximately $450,000 will be incurred in 1994 on these projects.

The bank reported an income of 36 cents per share, compared with income per share of 22 cents at the end of the previous year.

BERMUDA COMMERCIAL BANK RESULTS PROFIT $509,597 INCOME $14.739 million EXPENSES $14.303 million INCOME PER SHARE 36 cents RETAINED EARNINGS $376,994 CASH DIVIDEND PER SHARE 10 cents.