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Butterfield Bahamas Returns To The Black

By NEIL HARTNELL Tribune Business Editor BUTTERFIELD Bank (Bahamas) narrowly scraped into the black with a $2,000 net profit for its 2011 financial year, reversing the $3.962 million worth of red ink it incurred in the 12 months to December 31, 2010. Details on the performance of the Bermuda-headquartered bank's Bahamian subsidiary were contained deep in the former's 2011 annual financial statements, which showed the latter generating $5.785 million worth of revenue for the 12 months to end-December 2011. Total expenses of $5.787 million saw Butterfield Bank (Bahamas) incur a $1,000 net loss, but extraordinary gains worth $3,000 enabled the bank to finish 2011 just barely in the black. For the full year, it produced $1.3 million worth of net interest income and $5.114 million in non-interest income, with the provision for credit losses standing at $633,000. Comparisons with Butterfield Bank (Bahamas) 2010 financials are difficult, as the bank's asset base was reduced in size when its mortgage loan book was transferred to its sister Cayman branch. For 2010, Butterfield Bank (Bahamas) generated $3.85 million worth of revenues and expenses worth $7.812 million. The provision for credit losses that year was $3.669 million, with net interest and non-interest income standing at $2.318 million and $5.201 million respectively. Year-over-year, Butterfield Bank (Bahamas) saw its total assets fall from $146.069 million at year-end 2010 to $77.585 million as at December 31, 2011.

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