Butterfield Bank records big gains

Butterfield Bank (Barbados) Ltd has reported record levels of income for 2008, boasting of gains exceeding 300 percent on the previous year.



Managing Director Lloyd Wiggan said that despite the global economic turmoil and economic decline, and a very competitive local market, the bank had a very good year.



He said the financial institution has generated a record net income and recorded strong growth in its credit businesses.



The bank’s audited financial reports showed record net income of Barbados $5.2 million for the year ended December 31, 2008. It also showed an increase of $3.9 million over the 2007 mark.



The documents also showed an increase on net interest income of 15 percent, while customer loans rose by 24.3 percent.



Wiggan said Butterfield Bank (Barbados) Ltd was also well-poised to remain competitive in the year ahead.