Butterfield sees rise in profits for last quarter

Butterfield Bank's showed strong results over the last quarter, with total revenue rising by 24.1% to $12.4m (£6.56m). Bob Moore, managing director of Butterfield Bank (Guernsey), said the growth in profits was due to its continued focus on the development of long-term relationships with both institutional and private clients. Moore added: "Organic growth in fund administration, custody and investment management services, and high activity levels in the trust business and in foreign exchange and securities dealing, were major factors underlying the increase in revenues."