The Bank of N T Butterfield & Son Limited

The Bank of Butterfield & Son is a universal community bank encompassing retail and corporate banking and treasury activities and a provider of specialised international financial services. In the wealth management area, the bank provides private banking, asset management and personal trust services. Butterfield also provides services to corporate and institutional clients which include asset management and corporate trust services.

Financials

Total Assets (2017)
10 779.20 mln USD  (-2.92%)
Net Income (2017)
153.30 mln USD  (+162.50%)

In 2017 total assets of The Bank of N T Butterfield & Son Limited were 10 779,20 mln USD. In 2017 the bank's net income was 153,30 mln USD.

The Bank of N T Butterfield & Son Limited is rated by Fitch, Moody's. Long-term credit rating assigned to the bank by Fitch is BBB (good credit quality). Long-term credit rating assigned to the bank by Moody's is A3 (upper medium grade).

The Bank of N T Butterfield & Son Limited participates in deposit guarantee scheme of Bermuda. This scheme covers accounts up to 25 000 USD per bank per depositor.

Contacts

65 Front Street, HM 1, Hamilton, Bermuda
(441) 295-1111
(441) 292-4365

The Bank of N T Butterfield & Son Limited is located in Hamilton.

Bank Identifiers

BIC (SWIFT)
BNTBBMHM
Company Number
2106
Start Date
22 October 1904

Financial Positions

Total Assets (2017)
10 779.20 mln USD  (-2.92%)
Total Equity (2017)
822.90 mln USD  (+15.79%)

In 2017 total assets of The Bank of N T Butterfield & Son Limited were 10 779.20 mln USD. Decline compared to the previous period (2016) was -2.92%. The evolution of the total assets of The Bank of N T Butterfield & Son Limited is shown at Chart 1 below.

Total Assets of The Bank of N T Butterfield & Son Limited.

Chart 1. Total Assets of The Bank of N T Butterfield & Son Limited.

Recent changes in total assets of The Bank of N T Butterfield & Son Limited and its main components are shown in Table 1.

2016 2017 % change
Cash and deposits with Central Banks 2 101.7 1 535.1 -26.96%
Financial investments 4 400.2 4 706.2 +6.95%
Loans 3 570.5 3 776.9 +5.78%
Total Assets 11 103.5 10 779.2 -2.92%
Table 1. Recent changes in total assets of The Bank of N T Butterfield & Son Limited (mln USD).

Recent changes in total liabilities of The Bank of N T Butterfield & Son Limited and its main components are shown in Table 2.

2016 2017 % change
Bank deposits 23.8 12.4 -47.90%
Customer deposits 10 009.8 9 524.1 -4.85%
Total Liabilities 11 103.5 10 779.2 -2.92%
Table 2. Recent changes in total liabilities of The Bank of N T Butterfield & Son Limited (mln USD).

Profit and Loss

Operating Income (2017)
154.30 mln USD  (+33.13%)
Net Income (2017)
153.30 mln USD  (+162.50%)

Recent changes in gross profit of The Bank of N T Butterfield & Son Limited and its main components are shown in Table 3.

2016 2017 % change
Interest Income 274.9 305.6 +11.17%
Interest Charges -16.4 -15.9 -3.05%
Net Interest Income 258.5 289.7 +12.07%
Table 3. Recent changes in gross profit of The Bank of N T Butterfield & Son Limited (mln USD).

In 2017 net income of The Bank of N T Butterfield & Son Limited was 153.30 mln USD. Growth compared to the previous period (2016) was 162.50%. The evolution of the net income of The Bank of N T Butterfield & Son Limited is shown at Chart 2 below.

Net Income of The Bank of N T Butterfield & Son Limited.

Chart 2. Net Income of The Bank of N T Butterfield & Son Limited.

Market Share and Rank (among banks in Bermuda)

Total Assets (2016)
1st (market share 48.97%)

In 2016 The Bank of N T Butterfield & Son Limited was ranked the 1st largest bank in Bermuda in terms of total assets, having 48.97% of the domestic market share.

Market share of The Bank of N T Butterfield & Son Limited (among banks in Bermuda)

Chart 3. Market share of The Bank of N T Butterfield & Son Limited (among banks in Bermuda)

Several banks having the market shares and ranks closest to The Bank of N T Butterfield & Son Limited are shown below.

RankNameTotal AssetsMarket Share
1The Bank of N T Butterfield & Son Limited11103.50 mln USD48.97%
2HSBC Bank Bermuda Limited9757.32 mln USD43.03%
3Clarien Bank Limited1164.45 mln BMD5.14%
 

Credit Ratings (as of May 2018)

Fitch Moody's
BBB (good credit quality) A3 (upper medium grade)

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. The Bank of N T Butterfield & Son Limited is rated by Fitch and Moody's.

Credit ratings assigned to The Bank of N T Butterfield & Son Limited as of May 2018 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for The Bank of N T Butterfield & Son Limited it is set to BBB (good credit quality), outlook is stable (not likely to change). The rating is not on watch. Short-term issuer default rating for The Bank of N T Butterfield & Son Limited is set to F2 (good short-term credit quality).

Long-Term Issuer Default Rating  BBB
    Outlook  stable
    On Watch  No
Short-Term Issuer Default Rating  F2
Viability Rating  bbb
Support Rating  2
Support Rating Floor  BBB

Viability rating for The Bank of N T Butterfield & Son Limited is set to bbb (good fundamental credit quality); support rating is 2 (high probability of external support); support rating floor is BBB (good credit quality).

Moody's

Long-term rating for The Bank of N T Butterfield & Son Limited it is set to A3 (upper medium grade). Long-term bank deposit rating is A3 (upper medium grade). Baseline credit assessment is baa2. Short-term rating is not assigned.

Long-Term Rating  A3
Long-Term Bank Deposit Rating  A3
Baseline Credit Assessment  baa2
Short-Term Rating  -
Outlook  stable

Outlook for the ratings of The Bank of N T Butterfield & Son Limited is set to stable (not likely to change).

Deposit Guarantee

Deposit Guarantee
Yes (up to 25 000 USD per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Bermuda are obliged to participate in Bermudian deposit guarantee scheme.

In the case of The Bank of N T Butterfield & Son Limited failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors  natural persons, small businesses
Maximum Protected Amount  25 000 USD
Paid In Currency  USD

Further Information

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of The Bank of N T Butterfield & Son Limited and its components are shown in the table below.

BIC  BNTBBMHM
Bank BIC Code  BNTB
Country Code  BM (Bermuda)
Location Code  HM
Branch Code  -

Company Registration Number

Company Registration Number is a distinctive code issued upon registration of a new company. This code can be used to find data about the company in a national company register.

Company Number  2106

European Presence: 4 banks in 4 countries

The Bank of N T Butterfield & Son Limited operates under the brand name Butterfield. This banking brand has presence in the following European countries and selected dependent territories of the European countries:

Bermuda

  • (this bank) The Bank of N T Butterfield & Son Limited (Hamilton)

Cayman Islands

Guernsey

United Kingdom