The Butterfield Bank Group reports net income for the full year ended 31 December 2007 of $146.0 million, a record for the Group and up 8.9% year on year. Pre-tax net income, at $153.0 million was up 10.9% on 2006. Diluted earnings per share were $1.68, up 15 cents or 9.8%, on 2006 when restated for the impact of the stock split in August 2007.
Reflecting the Group’s continuing strong earnings performance and commitment to enhancing shareholder value the Board has approved a one-for-ten bonus share issue, which equates to a 10% stock dividend, in addition to maintaining the quarterly dividend at 16 cents per share.
Alan Thompson, President & Chief Executive Officer, says: *“We continue to be pleased with the solid growth in our financial performances across the Group in what has certainly been challenging and uncertain global market conditions. We continue to expand internationally, as evidenced by the establishment of a trust company in Switzerland, the establishment of a fund administration company in Canada and the acquisition of the Bentley Reid Group, with offices in Hong Kong, Malta and the United Kingdom. These offices increase our existing private client and fund administration business and enable the Group to expand into new international markets. We remain committed to enhancing shareholder value, as evidenced by the ‘1 for 10’ stock dividend announced today. These results are testament to the creativity, commitment and enthusiasm of our employees.”*
The Group’s Bahamian businesses – Butterfield Bank (Bahamas) Limited and Butterfield Fund Services – achieved record net income of $3.1 million up from $2.2 million a year ago. Total revenues were up year on year by 32.7% to $12.1 million, reflecting strong growth in net interest income and fees earned from trust services. At year-end, total assets were $182 million compared to $155 million a year ago. Butterfield Bank (Bahamas) Limited recently announced a rebranding that will see it using the “Butterfield Private Bank” brand for its wealth management services in The Bahamas.
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, Hong Kong, Malta, 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.