The Bank of N.T. Butterfield & Son Limited (Butterfield Bank) yesterday reported net income for the third quarter ended 30 September 2005 of $30.6 million, up 34.0% year on year. This brings the year to date net income to $85.0 million, a 23.4% increase year on year.
Alan Thompson, President & Chief Executive Officer, said: *“It is pleasing to note that the Group’s core businesses continue to perform in line with expectations. Our Bermuda businesses continue to do well; in the United Kingdom we recorded positive earnings in line with expectations; and strong performances were also seen from our Guernsey and **Bahamas** businesses.”*
**The Bahamas** achieved net income of $0.4 million on total revenues of $1.7 million, up from $0.3 million and $1.4 million respectively a year ago, reflecting growth in fees from fund administration services. Client assets under administration are up 22.1% year on year to $3.9 billion.
The Butterfield Bank Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. As a specialist offshore financial services provider the Group also provides private banking, wealth management, fiduciary services, and investment and pension fund administration services from its headquarters in Bermuda, and its subsidiary offices in the Cayman Islands, Guernsey, **The Bahamas** and the United Kingdom.
The Butterfield Group’s Chairman, CEO, and other senior personnel were in The Bahamas recently, celebrating the second anniversary of having established a presence in this jurisdiction. Robert Lotmore, Managing Director of Butterfield Bank (Bahamas) Limited said the firm looks forward to being a driving force moving into 2006 and beyond. *”Our presence in The Bahamas is growing; we have a strong management team, dedicated staff, and with the support we are receiving from Head Office, the future looks bright.”*
Butterfield Bank (Bahamas) Limited and Butterfield Fund Services (Bahamas) provide fiduciary, private banking, investment and fund administration services.