Bermuda-based Butterfield Bank, which has a large wealth management business, reported a 47.7 per cent year-on-year surge in net profit to $...

Bermuda-based Butterfield Bank, which has a large wealth management business, reported a 47.7 per cent year-on-year surge in net profit to $30.1 million, which gave a year-to-date net profit rise of 18.2 per cent to $54.4 million. Total assets under investment management rose 16.5 per cent year-on-year to $9.9 billion. Assets under management for Guernsey clients now stand at $0.7 billion and client assets under administration at 30 June 2005 were $16.0 billion, in line with a year ago. In the UK, total revenues increased year-on-year by 20.5 per cent to $5.7 million, reflecting the growth achieved in the business since the acquisition of private bank Leopold Joseph’s, UK businesses in April 2004. Total assets at 30 June 2005 were $1.2 billion compared to $0.9 billion at the same stage a year earlier. Client assets under management in the UK now total $0.7 billion, up 10.9 per cent on a year ago. “These results yet again demonstrate the continuing effectiveness of our business model in a highly competitive environment. Our strategic focus on developing our core businesses has resulted in growth across the jurisdictions in which we operate,” said Alan Thompson, president and chief executive of the bank, in a statement.