Bank's income on the rise

Ian Turan, President and CEO of the bank 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 per cent, over December 2009 results, after excluding accelerated depreciation on certain computer software related assets.”

A press statement said direct period over period comparisons are impacted because the bank changed its reporting date in 2009 to December from January, with 2009 results covering only 11 months.

 Mr. Turan added: “Our results in 2010 reflected the positive impact of a number of initiatives to broaden the bank’s range of products and services including the amalgamation with Kast Investment Management Ltd. and the continued development of our business banking unit, both of which contributed positively to earnings.

“The amalgamation with First Bermuda Group Ltd on January 4, 2011 will further accelerate our growth and help to position Capital G as a truly full-service bank.”