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Butterfield celebrates a "great start to the year"

Butterfield celebrates a

Monday 03 June 2024

Butterfield celebrates a "great start to the year"

Monday 03 June 2024


Butterfield has celebrated a "great start to the year" after publishing its financial results for the first quarter of 2024.

The bank reported a net income of $53.4 million or $1.13 per diluted common share for the quarter ended 31 March 2024.

That compares to net income of $53.5 million or $1.11 per diluted common share for the previous quarter, and $62.2 million or $1.24 per diluted common share for the first quarter of 2023.

Core net income for the first quarter of 2024 was $55.0 million or $1.17 per diluted common share compared to $55.3 million or $1.15 per diluted common share for the previous quarter, and $62.2 million or $1.24 per diluted common share for the first quarter of 2023.

The return on average common equity for the first quarter of 2024 was 21.5% compared to 22.5% for the previous quarter and 28.0% for the first quarter of 2023.

The core return on average tangible common equity1 for the first quarter of 2024 was 24.5%, compared to 25.4% for the previous quarter and 30.5% for the first quarter of 2023.

The efficiency ratio for the first quarter of 2024 was 60.9%, compared to 61.7% for the previous quarter and 56.0% for the first quarter of 2023.

The core efficiency ratio for the first quarter of 2024 was 59.8% compared with 60.5% in the previous quarter and 56.0% for the first quarter of 2023.

Butterfield's Chairman and CEO Michael Collins said: “The Bank’s first quarter results are a great start to the year and continue to demonstrate the strong profitability of Butterfield’s capital efficient non-interest earnings, well-structured balance sheet and thoughtful capital management.

"Since listing on the NYSE in 2016, the Bank has consistently maintained operating returns on tangible equity in the range of 16% to 28%, and we expect these levels of profitability to continue across typical economic cycles."

He added: "We are on track to deliver top quartile returns relative to US regional banks.

"The Bank remains highly liquid with strong capital levels and has a loan portfolio that is primarily comprised of well collateralised residential mortgages with limited commercial and hospitality real estate exposure in Bermuda and the Cayman Islands."

Pictured: Michael Collins, Chairman and CEO of the Bank of N.T. Butterfield & Son Limited.

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