The Bank of Butterfield has announced financial results for the quarter ended September 30, 2024.
Net income for the third quarter of 2024 was $52.7 million, or $1.16 per diluted common share, compared to net income of $50.6 million, or $1.09 per diluted common share, for the previous quarter and $48.7 million, or $0.99 per diluted common share, for the third quarter of 2023.
Core net income 1 for the third quarter of 2024 was $52.8 million, or $1.16 per diluted common share, compared to $51.4 million, or $1.11 per diluted common share, for the previous quarter and $57.0 million, or $1.16 per diluted common share, for the third quarter of 2023.
The return on average common equity for the third quarter of 2024 was 20.3% compared to 20.7% for the previous quarter and 20.6% for the third quarter of 2023. The core return on average tangible common equity 1 for the third quarter of 2024 was 22.5%, compared to 23.3% for the previous quarter and 26.1% for the third quarter of 2023.
The efficiency ratio for the third quarter of 2024 was 60.3%, compared to 62.4% for the previous quarter and 64.1% for the third quarter of 2023. The core efficiency ratio for the third quarter of 2024 was 60.2% compared with 61.8% in the previous quarter and 58.3% for the third quarter of 2023.
Michael Collins (pictured), Chairman and Chief Executive Officer, commented: “Butterfield delivered strong results in the third quarter of 2024 through improved efficiency, stable non-interest income, and focused capital management. We have a high fee/income ratio and will continue to increase the proportion of fee revenue over time through acquisitions, while returning excess capital to our shareholders.
“Economic conditions in Bermuda, the Cayman Islands, and the Channel Islands remain favourable, with strong demand and contributions from both international business and tourism. As we enter a period of easing financial conditions, we expect to see better affordability for borrowing customers and a general pick-up in business activity.”
