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.