The Bank of N T Butterfield & Son Limited in Bermuda has published its second quarter results and the results of the Guernsey operations show continued growth, registering an increase in net income (in US Dollar terms) of $1.0 million to $2.7 million, or 59.6% year on year, primarily reflecting strong revenue growth across all business lines, with total revenue rising by 24.1% to $12.4 million.
“Butterfield Bank Guernsey continues to focus on the development of long-term relationships with both institutional and private clients and this was reflected in several ways,” says Bob Moore, Managing Director of Butterfield Bank (Guernsey) Limited. “Organic growth in fund administration, custody and investment management services, and high activity levels in the trust business and in foreign exchange and securities dealing, were major factors underlying the increase in revenues. In dollar terms, client assets under administration increased by $7.3 billion to $23.3 billion, whilst assets under investment management increased by 24.8% to $0.9 billion. Customer deposits increased by 11.8% to $1.6 billion and the loan portfolio grew by 70.2% to $307 million. We believe that these results demonstrate the continuing effectiveness of our business model in a highly competitive environment. Our Group’s focus on developing core businesses has resulted in further growth for our Guernsey operations.”