Bermuda Commercial Bank Limited

Bermuda Commercial Bank Limited was formed in 1969 as a local bank to offer retail banking services in Bermuda. In 1993 the bank became the only Bermudian bank focused on serving local and international business community as well as high net worth clients.

Services

Eatate Planning and Trust Administration
Corporate Administration
Private Banking and Wealth Management
Business Banking
Global Custody and Brokerage

Financials

Total Assets (2017)
779.64 mln USD  (+20.13%)
Net Income (2017)
1.09 mln USD

In 2017 total assets of Bermuda Commercial Bank Limited were 779,64 mln USD. In 2017 the bank's net income was 1,09 mln USD.

Bermuda Commercial Bank Limited is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is BB+ (speculative).

Bermuda Commercial Bank Limited participates in deposit guarantee scheme of Bermuda. This scheme covers accounts up to 25 000 USD per bank per depositor.

Contacts

34 Bermudiana Road, Hamilton, Bermuda
(441) 295-5678
(441) 295-8091

Bermuda Commercial Bank Limited is located in Hamilton.

Bank Identifiers

BIC (SWIFT)
BPBKBMHM
Company Number
1404
Start Date
15 April 1969

Business Summary

Services
eatate planning and trust administration
corporate administration
private banking and wealth management
business banking
global custody and brokerage
Eligible Clients
high net worth individuals
family trusts and estates
business owners
corporations
trustees

Bermuda Commercial Bank Limited provides products and services in the areas of eatate planning and trust administration, corporate administration, private banking and wealth management, business banking, global custody and brokerage. Bermuda Commercial Bank Limited makes its solutions available to high net worth individuals, family trusts and estates, business owners, corporations, trustees.

Financial Positions

Total Assets (2017)
779.64 mln USD  (+20.13%)
Total Equity (2017)
121.94 mln USD  (+17.34%)

In 2017 total assets of Bermuda Commercial Bank Limited were 779.64 mln USD. Growth compared to the previous period (2016) was 20.13%. The evolution of the total assets of Bermuda Commercial Bank Limited is shown at Chart 1 below.

Total Assets of Bermuda Commercial Bank Limited.

Chart 1. Total Assets of Bermuda Commercial Bank Limited.

Recent changes in total assets of Bermuda Commercial Bank Limited and its main components are shown in Table 1.

2016 2017 % change
Cash and deposits with Central Banks 214.2 261.5 +22.04%
Available for sale financial assets 183.3 233.7 +27.52%
Loans to customers 210.6 245.7 +16.66%
Total Assets 649.0 779.6 +20.13%
Table 1. Recent changes in total assets of Bermuda Commercial Bank Limited (mln USD).

Recent changes in total liabilities of Bermuda Commercial Bank Limited and its main components are shown in Table 2.

2016 2017 % change
Deposits 453.8 585.7 +29.08%
Total Liabilities 649.0 779.6 +20.13%
Table 2. Recent changes in total liabilities of Bermuda Commercial Bank Limited (mln USD).

Profit and Loss

Net Income (2017)
1.09 mln USD

Recent changes in gross profit of Bermuda Commercial Bank Limited and its main components are shown in Table 3.

2016 2017 % change
Interest Income 36.1 36.0 -0.33%
Interest Charges -10.3 -11.9 +15.35%
Net Interest Income 25.8 24.1 -6.62%
Net Commission Income 4.4 3.3 -25.73%
Table 3. Recent changes in gross profit of Bermuda Commercial Bank Limited (mln USD).

In 2017 net income of Bermuda Commercial Bank Limited was 1.09 mln USD. Decline compared to the previous period (2016) was -116.49%. The evolution of the net income of Bermuda Commercial Bank Limited is shown at Chart 2 below.

Net Income of Bermuda Commercial Bank Limited.

Chart 2. Net Income of Bermuda Commercial Bank Limited.

Market Share and Rank (among banks in Bermuda)

Total Assets (2016)
4th (market share 2.86%)

In 2016 Bermuda Commercial Bank Limited was ranked the 4th largest bank in Bermuda in terms of total assets, having 2.86% of the domestic market share.

Market share of Bermuda Commercial Bank Limited (among banks in Bermuda)

Chart 3. Market share of Bermuda Commercial Bank Limited (among banks in Bermuda)

Several banks having the market shares and ranks closest to Bermuda Commercial Bank Limited are shown below.

RankNameTotal AssetsMarket Share
1The Bank of N T Butterfield & Son Limited11103.50 mln USD48.97%
2HSBC Bank Bermuda Limited9757.32 mln USD43.03%
3Clarien Bank Limited1164.45 mln BMD5.14%
4Bermuda Commercial Bank Limited649.00 mln USD2.86%
 

Credit Ratings (as of May 2018)

Fitch Moody's
BB+ (speculative) - (not rated)

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. Bermuda Commercial Bank Limited is rated by Fitch.

Credit ratings assigned to Bermuda Commercial Bank Limited as of May 2018 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for Bermuda Commercial Bank Limited it is set to BB+ (speculative), outlook is stable (not likely to change). The rating is not on watch. Short-term issuer default rating for Bermuda Commercial Bank Limited is set to B (speculative short-term credit quality).

Long-Term Issuer Default Rating  BB+
    Outlook  stable
    On Watch  No
Short-Term Issuer Default Rating  B
Viability Rating  bb+
Support Rating  5
Support Rating Floor  NF

Viability rating for Bermuda Commercial Bank Limited is set to bb+ (speculative fundamental credit quality); support rating is 5 (there is a possibility of external support, but it cannot be relied upon); support rating floor is NF (no floor; no reasonable presumption of potential support being forthcoming).

Deposit Guarantee

Deposit Guarantee
Yes (up to 25 000 USD per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Bermuda are obliged to participate in Bermudian deposit guarantee scheme.

In the case of Bermuda Commercial Bank Limited failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors  natural persons, small businesses
Maximum Protected Amount  25 000 USD
Paid In Currency  USD

Further Information

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of Bermuda Commercial Bank Limited and its components are shown in the table below.

BIC  BPBKBMHM
Bank BIC Code  BPBK
Country Code  BM (Bermuda)
Location Code  HM
Branch Code  -

Company Registration Number

Company Registration Number is a distinctive code issued upon registration of a new company. This code can be used to find data about the company in a national company register.

Company Number  1404