Butterfield Bank has released figures for the full year ended 31 December 2005, revealing net income of $109.4 million, a record for the Group and up 20.9% year on year. Other financial highlights include:
• **Record net interest income** up 23.0% at $182.2 million
• **Record non-interest income** up 10.0% at $172.1 million
• **Record assets under administration** up 27.4% to $102.4 billion
• **Return on equity** of 23.6%, up from 21.2%
• **Efficiency ratio** improved to 66.4% from 69.1%
• **Net interest margin** improved to 2.1% from 1.9%
President & Chief Executive Officer Alan Thompson says these results reflect the strength of the Group’s core businesses that underpins its balanced international business model. Richard Ferrett, Executive Vice President & Chief Financial Officer, adds * “Our financial results in 2005 continue to reflect the balance and soundness of the Group’s business model, with approximately 50% of our revenues being generated from non-interest income. This reflects the growth in our customer deposit base and loan portfolio, the successful integration of our acquisitions in 2003 and 2004, and increased revenues generated by our asset management and fund administration businesses across the Group.”*
Reporting on its Bahamian businesses, the report said these achieved net income of $1.7 million, compared to $0.7 million one year ago. Total revenues were up year on year by 15.9% to $6.8 million, reflecting strong growth in fees earned from fund administration and banking services. At year-end, total assets were $96.9 million compared to $63.4 million a year ago, and client assets under administration were $4.0 billion.
Butterfield Bank offers a full range of Community Banking services in Bermuda, Barbados and the Cayman Islands; and as a specialist offshore financial services group the Bank also provides Private Banking, Wealth Management & Fiduciary Services and Investment & Pension Fund Administration Services from its headquarters in Bermuda, and its subsidiary offices in the Cayman Islands, Guernsey, The Bahamas and the United Kingdom.