FRIDAY, DEC. 7: Bermuda Commercial Bank posted a profit of $7.45m for 2012 compared to $2.60m for 2011.

BCB is a subsidiary of Bermuda National Limited.

The Bank’s capital position has improved substantially to $104.76 million (2011: $82.92 million).

Warren McLeland, chairman of BNL said in a press release: “BCB’s results are pleasing and continue to illustrate the progress that the Bank has made since the major shareholders acquired control in April 2010.

“Of particular note are the Bank’s improved capital position of $104.76 million, its strong capital ratio of 23.34 per cent, and its highly liquid assets. The Bank is continuing to develop its product offerings and we look forward to its further progress in the current financial year.

While the Board of BNL is acutely mindful of the twin challenges of a struggling Bermuda economy and international economic headwinds, and the difficulty in attracting suitable staff, it is pleasing to highlight that the Bank’s employee numbers have increased by 40 per cent since September 30, 2011.”

As a result of BCB’s continuing positive results, the BNL Board is pleased to recommend a dividend payment to BNL shareholders of US$0.20 per share. The record date for the dividend will be December 21, 2012, and the dividend will be paid to shareholders on January 12, 2013. BNL said its intention to introduce a dividend reinvestment plan and an appropriate capital buy-back policy as soon as reasonably practicable.