Butterfield Bank (Guernsey) has reported net profits for the year ending 2005 of £3.8m.
“Butterfield Bank Guernsey continues to focus on the development of long-term relationships with both institutional and private clients and this was reflected in several ways. Client deposits rose by 17% to a total of £793m which was more than matched by the growth in lending which saw a 28% rise to £125m.
"Other highlights were an active year in client-led foreign exchange activity and a further rise in investment management fees. Client assets under administration increased substantially compared to the prior year. This included a strong performance in custody services where securities held in custody more than doubled in value to $5.1m at 31 December 2005.
“Assets under investment management stood at US$854m with the Bank’s focus remaining on the provision of discretionary portfolio management services for high net worth individuals, family offices and institutional investors.
“Total assets under Butterfield Bank Guernsey’s management and administration increased to some $20bn up from $16.4m a year ago. Business growth reported by Butterfield Fund Services was also strong in the year. Assets under administration rose to $6.7bn at year end with new funds launched during the year including property, fund of funds and protected cell companies.”
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