Butterfield declares 2021 profit of $162.7m
The Bank of N.T. Butterfield & Son Limited has declared net profits for the year to December 31 of $162.7 million, up 10.5 per cent from 2020’s $147.2 million.
The result came after net income in the fourth quarter of $41.7 million.
Michael Collins, Butterfield's chairman and chief executive officer, said: "Butterfield has performed well throughout the past year as we embraced new opportunities and managed the health and safety challenges of the pandemic.
“We continued to navigate the very low interest rate environment by improving efficiencies, leveraging technology and enhancing the client experience.
“With an improved interest rate outlook for 2022, we are well positioned with Butterfield's historically asset sensitive balance sheet.
“I look forward to continuing Butterfield's growth with our strong balance sheet, leading market positions, solid infrastructure, efficient operations and customer centric culture."
The core return on average tangible common equity for the fourth quarter of 2021 was 18.8 per cent, compared with 17.9 per cent for the previous quarter and 19.0 per cent for the fourth quarter of 2020.
The efficiency ratio for the fourth quarter of 2021 was 64.7 per cent, compared with 66.5 per cent for the previous quarter and 66.3 per cent for the fourth quarter of 2020 and compared with a core efficiency ratio for the third quarter of 2021 of 66.3 per cent and 65.6 per cent for the fourth quarter of 2020.
Net interest income (NII) for the fourth quarter of 2021 was $74.5 million, a decrease of $1.2 million, compared with NII of $75.7 million in the previous quarter and down $1.1 million from $75.6 million in the fourth quarter of 2020.
NII was lower during the fourth quarter of 2021 compared with the prior quarter because of lower average volume of interest earning assets, which was partially offset by an improved asset mix with higher average yields.
Compared with the fourth quarter of 2020, NII was lower because of a decrease in average yields, offset by a higher average volume of interest earning assets.
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