Select a region
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.
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.