Friday 22 November 2024
Select a region
Business

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.

Sign up to newsletter

 

The latest in Petty Debts

Comments

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?