The Bank of N.T. Butterfield & Son Limited (“**Butterfield Bank”**) today reported 2007 second quarter net income of $35.9 million, a record for the Group and up 6.1% year on year. Pre-tax net income was $37.5 million, up 7.6% on a year ago. Diluted earnings per share were $1.24, up 8 cents year on year. Other financial highlights of the quarter compared to the same period a year ago include:
· Net interest income of $61.6 million, up 15.1%
· Non-interest income of $53.5 million, up 8.5%
· Customer deposits of $10.6 billion, up 19.8%
· Total assets of $12.0 billion, up 17.9%
· Assets under administration of $137 billion, up 26.3%
· Assets under management of $11.7 billion, up 24.0%
Alan Thompson, President & Chief Executive Officer, said, *“It is pleasing to note the continued progress of the Group in the second quarter against a background of volatile market conditions and increased competition across all our business lines.”*
The Bank’s **Bahamas** operations achieved net income of $0.5 million, in line with that achieved a year ago. Total revenues at $2.8 million were up 32.0%; reflecting strong growth in net interest income, with loans increasing by 203.0% to $35.0 million, and fees from trust and custody. Operating expenses grew by 41.9%, reflecting growth in the employee base to support business growth. Assets under administration increased by 36.6% to $5.4 billion.
Butterfield Bank is a specialist provider of offshore financial services. 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. In the wealth management area, the Group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom.
The Group provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, Canada, the Cayman Islands and Guernsey, which include investment and pension fund administration, asset management and corporate trust services.