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Butterfield improves bottom line

BEA DOTTIN, [email protected]

Butterfield improves bottom line

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BUTTERFIELD?BANK (Barbados) Limited improved its bottom line last year, according to a release from the bank on its audited financial results.
Pointing to the year’s highlights, the bank – a subsidiary of the Bermuda-headquartered financial institution – said net income of $8.1 million represented a $4 million increase on 2009.
And in a slow economy, the Barbados operation of Butterfield improved its net interest income to $26.3 million. According to the bank, this was eight per cent better than the 2009 position.
“The total capital ratio [as] at December 31, 2010, was 21 per cent, more than double the existing regulatory requirements,” a release from the bank noted.
Lloyd Wiggan, Butterfield’s managing director, said, “Despite the difficult economic conditions Barbados continues to face, Butterfield had a good year. Our core business performed well, resulting in good growth in net interest income.
“While our loan book showed non-performing loans higher than historical levels, we were able to maintain our non-performing loan ratio significantly below that of the banking sector as a whole.”
He added: “Our strategic focus continues to be on the delivery of superior service to our customers.
In this regard, we were gratified by the results of the recent National Initiative for Service Excellence customer satisfaction survey which ranked Butterfield as one of the top two banks in Barbados for customer service.
“We move into 2011, optimistic that our continued investment in our people and commitment to service excellence will help us build on our successes and increase market share in the highly competitive Barbados banking sector.” (GE/PR)