Butterfield Bank (Barbados) Limited Reports 28% Increase In Income Before One-Off Items

Butterfield Bank (Barbados) Limited (“Butterfield”) today reported its audited financial results for the year ended 31 December 2010. Financial Highlights: Income before one-off items of BBD 5.3 million, up BBD 1.2 million or 28% from 2009 Net income of BBD 8.1 million, up BBD 4 million from 2009 Net interest income increased by 8% year […]

By Business Barbados

February 23, 2011

Butterfield Bank (Barbados) Limited (“Butterfield”) today reported its audited financial results for the year ended 31 December 2010.

Financial Highlights:

  • Income before one-off items of BBD 5.3 million, up BBD 1.2 million or 28% from 2009
  • Net income of BBD 8.1 million, up BBD 4 million from 2009
  • Net interest income increased by 8% year on year to BBD 26.3 million
  • Shareholders’ equity totaled BBD 66.8 million, up 8% from BBD 61.8 million in 2009
  • The tier 1 capital ratio at 31 December 2010 was 20%
  • The total capital ratio at 31 December 2010 was 21%, more than double the existing regulatory requirements

Lloyd Wiggan, Managing Director, said, “Despite the difficult economic conditions Barbados continues to face, Butterfield had a good year.  Our core business performed well resulting in good growth in net interest income.  While our loan book showed non-performing loans higher than historical levels, we were able to maintain our non-performing loan ratio significantly below that of the banking sector as a whole.”

He added “Our strategic focus continues to be on the delivery of superior service to our customers.  In this regard, we were gratified by the results of the recent National Initiative for Service Excellence (NISE) customer satisfaction survey which ranked Butterfield as one of the top two Banks in Barbados for customer service.

We move into 2011, optimistic that our continued investment in our people and commitment to service excellence will help us build on our successes and increase market share in the highly competitive Barbados Banking Sector.”

Notes to editors:

The Bank of N.T. Butterfield & Son Limited (“Butterfield”) is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield 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. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services.   Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges.  Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com).  Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.

Media Contact:

Lloyd Wiggan
Managing Director
Butterfield Bank (Barbados) Limited
Tel: 246 431 4534
E-mail: lloyd.wiggan@bb.butterfieldgroup.com

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