Butterfield Bank has reported third quarter profits of $39.6 million, a record for the group and up 14.4 percent year on year.

Pre-tax net income was $41.6 million, up 16.3 percent on a year ago. Diluted earnings per share were $0.46, up seven cents year on year and up five cents on the previous quarter.

Alan Thompson, president & chief executive officer, said: “Against the background of challenging and indeed uncertain global market conditions, our focused business strategy and diversified business lines continue to deliver solid financial results and the performance of group’s core businesses remains in line with expectations.

“Our Bermuda businesses continue to do well; in particular the Community Banking division has demonstrated significant asset and revenue growth as we strive to attract new customers whilst retaining existing ones. Strong performances were also seen from our Bahamas, Cayman, Guernsey and UK businesses.”

See tomorrow’s Royal Gazette for full report.