Butterfield Bank has said its net income for the full year (ended 31 December 2006) was $134.1 million – a record for the Group, the bank adds.
The figure was up 22.6 percent year on year and shareholders will reap the benefits next month.
Butterfield Bank (Cayman) Limited made an impressive contribution to the bank’s performance with a record net income of $53.4 million, up year on year by $7.6 million, or 16.5 percent.
The local branch of Butterfield said its interest income was up 21.4 percent on 2005 at $55.5 million, while non-interest income totalled $43.6 million, an increase of 19.5 percent over last year.
The bank said this reflected strong growth in revenues from banking services and investment & pension fund administration. Total assets increased year on year by 8.3 percent to $2.8 billion, whilst client assets under administration increased by 26.8 percent to $40.2 billion. Assets under management at 31 December 2006 were $1.1 billion, in line with a year ago.
“Our financial results in 2006 continue to reflect the balance and soundness of the bank’s business model,” says Conor O’Dea, Managing Director of Butterfield Bank (Cayman) Limited.
“The Cayman operations play a significant role in the success of the group and it is with the loyalty of our customers allied to the dedication of our employees that make this possible. We remain proud of our commitment to and support of the Cayman community. Being awarded the Bank of the Year for the third time in five years is evidence of the strength and reputation of the Bank in Cayman.”