This has been reflected in a 27.8% increase in net profits, which totalled to $90.5m and a 21.2% ROE, up from the previous year’s 17.9%. The bank has also successfully integrated three acquired businesses into its group: Deerfield Fund Services in the Bahamas, Leopold Joseph Holdings in the London and Guernsey operations and Grosvenor Trust Company, which strengthens Butterfield’s Bermuda trust business.
“Our repeatedly strong performance has been achieved in an increasingly competitive environment. We have been pleased by our growth, which has been driven by a strategic focus on developing our core businesses,” says president and CEO Alan Thompson. “This development has been achieved by providing excellent customer service, high-quality products and cultivating strong relationships with new and existing customers, through investment in our people, service enhancements, new products, and improving our premises and technology. Our performance has enabled us to increase shareholder value by more than 70% in the past three years.”
