Bank of N.T. Butterfield & Son ( (NTB) ) has released its Q4 earnings. Here is a breakdown of the information Bank of N.T. Butterfield & Son presented to its investors.
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The Bank of N.T. Butterfield & Son Limited is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing a range of financial services across various regions including Bermuda, the Cayman Islands, and the United Kingdom. It offers banking services such as deposit, cash management, and lending solutions, as well as wealth management services including trust, private banking, asset management, and custody.
Butterfield has reported its financial results for the fourth quarter and full year of 2024, highlighting a strong performance. The bank recorded a net income of $59.6 million for the fourth quarter, with a core net income per share of $1.34. For the full year, net income was $216.3 million, or $4.71 per share, demonstrating a slight decrease from the previous year.
Key financial metrics for the quarter include a return on average common equity of 22.9% and a net interest margin of 2.61%. Butterfield’s efficiency ratio improved to 58.2% from the previous quarter. The bank actively managed its capital by repurchasing shares and issuing dividends, while maintaining a robust capital ratio of 25.8%.
Despite a decrease in net income compared to 2023, the bank experienced growth in non-interest income, driven by increased card services and asset management fees. The investment portfolio grew to $5.5 billion, and deposits increased to $12.7 billion, indicating a solid financial position.
Looking ahead, Butterfield aims to continue its growth trajectory by managing expenses, enhancing client experiences through technology investments, and exploring strategic acquisitions. The management remains committed to increasing shareholder value through efficient capital management and strategic expansion opportunities.
