Bank of Butterfield
Bank of Butterfield’s ability to perform consistently well irrespective of economic conditions makes it the judges’ favourite in Bermuda again this year.
Despite last year’s bearish equity markets and historically low interest rates, the bank boosted net profit by 35.6% and achieved an ROE of 27.1%, which was much higher than the average for its peers. It also posted 10% gains in assets and Tier 1 capital for the year.
In yet another demonstration of its capital markets expertise, in May the bank successfully completed its largest issue of sub-debt bonds aimed at North American institutional investors. The bond issue, worth $125m, was twice oversubscribed, reflecting the investors’ long-term confidence in the bank and will support the institution’s future expansion.
On the technology front, the bank has continued to upgrade its internet banking offering and recently became the first bank in Bermuda to offer multi-currency payment services to both Bermudian and international companies.
