Second quarter share earnings for the Bank of Bermuda this year have jumped 68 percent from the figure recorded for the same period last year.

The Bank reported yesterday that second quarter earnings per share stood at $1.06 in comparison to the figure of $0.63 which was recorded last year.

And other figures in the Bank of Bermuda's second quarter results for 1999/2000 show that its net income of $25 million for the quarter was up 73 percent from the $14.4 million figure recorded a year earlier.

This brought year-to-date earnings up to $46.5 million from the $31 million recorded in the first half of last year with earnings per share for the fiscal half year standing at $1.99.

And the return on equity improved 19 percent for the quarter compared with 12.6 percent last year.

Said the Bank's Chief Financial Officer Edward Gomez: "The Bank's half-year numbers show strength that is both deep and wide. Net income is up 50 percent from the same period last year, and the gains span all geographical areas in which we operate.

"Being fee driven, we are pleased to see non-interest income up nearly 20 percent with all lines of business contributing to the growth. Global Fund Services led the way with a 25 percent increase that reflected improved market confidence combined with healthy new business activity.'' Mr. Gomez pointed out that Bank expenses had also been trimmed.

"We have taken meaningful strides in containing costs. Premises costs have been reduced from last year's levels, both in Bermuda and globally.

"Growth in staff is being closely matched to business activity levels for all businesses and support groups. The result has been a marked improvement in the Bank's aggregate efficiency ratio, further bolstering our bottom line.'' Bank President and CEO Henry Smith added: "These excellent results demonstrate the focus and unity of our organisation, and reflect the pride and motivation of our staff at every level.

"We are building momentum on a sound foundation, and our sights remain high.

We have just completed a concentrated examination of our markets and competitive positioning, and we enter the new century with confidence in our ability to serve our shareholders and community well.'' Total revenue for the second quarter of 1999 to 2000 increased 25 percent over the figure of $82.2 million, which was recorded in the second quarter of 1998 to 1999, to $103.1 million .

This growth reflected increases of $10.2 million and $9 million in fee revenue and net interest income respectively together with higher investment and other income.

Fee revenues for the quarter increased 22 percent over the previous year from $46.5 million to $56.7 million.

And fees for Global Fund Services -- the Bank's former Corporate Trust Division -- were up 32 percent from $18.6 million in the second quarter last year to $24.4 million.

The most substantial improvements were recorded in the Americas and the Far East which were up $3.6 million and $1.9 million respectively.

Private Trust fees and Investment Services also reported notable increases on the previous year with climbs of 16 and 25 percent respectively.

And foreign exchange earnings for the quarter stood at $8 million compared with $7.5 million last year; banking services fees of $5.7 million were 16 percent up on the previous year; net interest income increased to $43.7 million from $34.7 million; and investment and other income for the quarter was $2.6 million, $1.6 million over the $1 million recorded a year earlier.

Operating expenses of $75.8 million were up 14 percent from $66.8 million in the same quarter of last year with $1.1 million, or 12 percent, of the increase attributable to the inclusion of Bermuda Home's expenses -- which was not done the previous year.

Henry Smith