Butterfield Bank (Cayman)
Butterfield Bank (Cayman) turned in an outstanding performance in 2005, with solid increases in fee-based and interest-based incomes, while keeping costs contained within budget.
This allowed for an improvement in the bank’s efficiency ratio to 44.7% from 55.1% and an increase in RoE to 33.5%. The bank remained focused on its business strategy, which is subject to continuous and rigorous review.
The banking business grew strongly, with total assets up 11.3%, net interest up 67% and fees and commissions up 21% in the year. The asset management and fund administration businesses continued to strengthen. Total assets under administration were up 39.7% to $31.7bn. Butterfield Fund Services took on the administration of 49 new hedge funds in 2005, with revenue rising by 24.9% from the previous year.
In keeping with the strategy of expanding the range of products and services, the bank made a significant investment in Island Heritage, the first company in the Caribbean to target the property insurance market exclusively. This strategic alliance allows Butterfield to offer property insurance at competitive rates from an A-rated provider.
Butterfield continued to focus on customer service through investment in technology to enhance its electronic delivery channels.
“We pride ourselves on the quality of our community banking and asset management services to our personal and institutional customers locally and internationally,” says managing director Conor O’Dea. “Our performance is a direct result of the efforts of our dedicated employees, who work together to deliver quality financial services, build business and enhance shareholder value.”
