Capital G increases net income to $3.2m
Capital G Bank Ltd made net income of $3.2 million for 2010, an increase of 38 percent over the $2.3 million recorded for the 11 months ended December 31, 2009.
Capital G's chief executive officer Ian Truran said: “We are particularly pleased with this performance in the face of the recessionary pressures that continue to dominate the Bermuda economic landscape.
“In fact our operating earnings for 2010 were $6 million, an increase of $3.7 million, or 157 percent, over December 2009 results, after excluding accelerated depreciation on certain computer software related assets.”
Customer deposits grew 15 percent to $1.1 billion, a record level for the bank and total assets increased 13 percent to $1.2 billion.
Impaired loans grew from $1.5 million to $3.1 million and now represent 0.39 percent of the loan book, the bank said.
Mr Truran said Capital G's merger with the First Bermuda Group, completed in January, would accelerate the bank's growth.
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