Butterfield Bank shares surged 6.3 percent in Bermuda Stock Exchange trading today as investors welcomed the announcement of a special dividend and a huge increase in profit.

The bank rose 11 cents to $1.85 on the trading of 135,866 shares.

The bank announced on Tuesday that net income more than tripled in 2013 to $78.2 million and that it would pay shareholders a one cent per share special dividend, as well as the regular one cent quarterly dividend. The dividends will be payable on March 17 to shareholders of record as of March 1.

Butterfield’s advance added more than $60 million to its market capitalisation, driving it past the $1 billion mark.

That helped The Royal Gazette / BSX Index climb 51.93 points, or nearly four percent, to close on 1,353.31.

Volume was 136,008 shares and turnover was $242,770.50.