Strong business growth at Butterfield Bank Guernsey
Butterfield Bank (Guernsey) Limited's Q2 2006 results show a year-on-year increase in net income of USD 1 million to USD 2.7 million, or 59.6 per cent.
The Q2 results primarily reflect strong revenue growth across all business lines, with total revenue rising by 24.1 per cent to USD 12.4 million year-on-year.
'Butterfield Bank Guernsey continues to focus on the development of long-term relationships with both institutional and private clients and this was reflected in several ways,' says Bob Moore,Managing Director of Butterfield Bank (Guernseyt) Ltd. 'Organic growth in fund administration, custody and investment management services, and high activity levels in the trust business and in foreign exchange and securities dealing,were major factors underlying the increase in revenues.'
'In dollar terms, client assets under administration increased by USD 7.3 billion to USD 23.3 billion, whilst assets under investment management increased by 24.8 per cent to USD 0.9 billion. Customer deposits increased by 11.8 per cent to USD 1.6 billion and the loan portfolio grew by 70.2 per cent to USD 307 million.
'We believe that these results demonstrate the continuing effectiveness of our business model in a highly competitive environment,' adds Moore. 'Our Group's focus on developing core businesses has resulted in further growth for our Guernsey operations.
- Special Reports
- By Location
- Asian Hedge Funds
- BVI Hedge Fund Services
- Bermuda Hedge Fund Services
- Canada Hedge Fund Services
- Cayman Hedge Fund Services
- Channel Islands Stock Exchange
- Future of offshore funds
- Gibraltar Hedge Fund Services
- Guernsey Hedge Fund Services
- Hedge Funds in Germany
- Hong Kong Hedge Fund Services
- Ireland Hedge Fund Services
- Isle of Man Hedge Fund Services
- Jersey Hedge Fund Services
- Jersey Private Equity Services
- Latin American Hedge Funds
- London Hedge Fund Services
- Luxembourg Hedge Fund Services
- Luxembourg Private Equity Services
- Malta Hedge Fund Services
- Middle East Hedge Fund Services
- Singapore Hedge Fund Services
- South African Hedge Fund Services
- Spanish Hedge Funds 2008
- Switzerland Hedge Funds
- US East Coast Hedge Fund Services
- US Hedge Fund Services
- By Subject
Latest Special Report
- By Location