Bermuda Commercial Bank Limited Annual Report 2007

More documents

Recommendations

Info

MANAGEMENT’S DISCUSSION AND ANALYSIS PERFORMANCE MEASURES (Continued) Per Share Information Financial Ratios 2007 2006 2007 2006 Cash dividends $ 0.80 $ 0.95 Return on equity 10.16% 18.63% Net book value – basic $ 13.71 $ 13.21 Return on assets 1.09% 1.53% Net book value – diluted $ 10.61 $ 10.30 Efficiency ratio 62.21% 48.15% Market value at year-end $ 10.50 $ 7.80 Dividend payout ratio 59.26% 40.77% Net income - basic $ 1.36 $ 2.34 Dividend to share price ratio 7.62% 12.18% Net income – diluted $ 1.08 $ 2.02 Cash, money market and term deposits / total assets 99.53% 99.40% Capital Ratios Tier 1 capital ratio 45.26% 54.07% Tier 2 capital ratio 0.02% 0.02% Risk weighted capital ratio 45.28% 54.09% DOMINIQUE SMITH Chief Operating Officer GREG REID Chief Financial Officer MICHAEL CRANFIELD General Manager, Information Technology M ALAN MOORE General Manager, International Corporate management of Bermuda Limited. P. GLENDALL PHILLIPS General Manager, Banking & Custodial Services 12 Bermuda Commercial Bank Limited
Deloitte & Touche Chartered Accountants Corner House Church and Parliament Streets P.O Box HM 1556 Hamilton HM FX Bermuda Tel: +441 292-1500 Fax: +441 292-0961 www.deloitte.bm INDEPENDENT AUDITORS’ REPORT To the Shareholders of Bermuda Commercial Bank Limited We have audited the consolidated balance sheet of Bermuda Commercial Bank Limited (the “Bank”) as at September 30, 2007 and the consolidated statements of operations and retained earnings and cash flows for the year then ended. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in Bermuda and Canada. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Bank as at September 30, 2007 and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in Bermuda and Canada. As discussed in Note 1, there have been recent significant activities involving the Bank and the Bank’s major shareholder First Curacao International Bank N.V. that have affected the operations of the Bank. November 9, 2007 Audit . Tax . Consulting . Financial Advisory A member of Deloitte Touche Tohmatsu Bermuda Commercial Bank Limited 13
Page 1 and 2: Bermuda Commercial Bank Limited Ann
Page 3 and 4: Table of Contents 04 Corporate Prof
Page 5 and 6: World-Class Systems In order to pro
Page 7 and 8: BCB’s strategy of maintaining a l
Page 9 and 10: Company Limited, the Bank’s wholl
Page 11: Equipment, leasehold improvements a
Page 15 and 16: CONSOLIDATED STATEMENT OF OPERATION
Page 17 and 18: NOTES TO THE CONSOLIDATED FINANCIAL
Page 19 and 20: Cash and Cash Equivalents Cash equi
Page 21 and 22: 4. LOANS AND ADVANCES Loans and adv
Page 23 and 24: 6. DEPOSITS (Continued) Demand With
Page 25 and 26: 9. EARNINGS PER SHARE Basic Earning
Page 27 and 28: 11. EMPLOYEE BENEFITS (Continued) A
Page 29 and 30: 15. INTEREST RATE SENSITIVITY (Cont
Page 31 and 32: 16. BUSINESS SEGMENTS (Continued) E
Page 33 and 34: Statement of Operations and Retaine
Page 35 and 36: Bermuda Commercial Bank Limited 35
Page 37 and 38: Subsidiaries as at September 30, 20

Bermuda Commercial Bank Limited Annual Report 2007

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?