Recent Developments
Butterfield was able to build on its first quarter momentum with continued strong results in the second quarter of 2022. Revenue generation was robust, with growth in both interest and noninterest income.
Net interest margin increased by 23 basis points compared to the first quarter of 2022 and should continue to improve in the rising rate environment. The Bank is well positioned to benefit from rising interest rates, which complements its stable non-interest earnings.
The Bank maintained its balanced capital return policy. The Board again declared a quarterly dividend of $0.44 per common share to be paid on August 22, 2022 to shareholders of record on August 8, 2022.
Butterfield has recently joined the United Nations Global Compact (“UNGC”) – the world’s largest corporate sustainability initiative. Participating in the UNGC reinforces its commitment to ethical and responsible business practices and gives it an organizing framework as it continues to develop its environmental and social responsibility programs, aimed at creating shared value for the communities in which it operates.
Butterfield has been able to grow profitably by leveraging its strong balance sheet, capital efficient non-interest earnings, expense control, proven capital management and low credit risk. The Bank continues to create shareholder value with leading positions in operating jurisdictions with high barriers to entry, robust infrastructure, efficient operations and a customer centric culture.
Capital Ratios
COMMON EQUITY TIER 1
30 Jun 2022 17.7%
31 Dec 2021 17.6%
TOTAL CAPITAL RATIO
30 Jun 2022 21.4%
31 Dec 2021 21.2%