The Bank of N.T. Butterfield & Son of Bermuda, reported net income for the third quarter of $34.7 million, up 13.1 per cent year on year. Ye...

The Bank of N.T. Butterfield & Son of Bermuda, reported net income for the third quarter of $34.7 million, up 13.1 per cent year on year. Year-to-date net income was $101.6 million, a 19.5 per cent increase year-on-year. Butterfield Bank (Cayman) reported third quarter net income of $13.7 million, up year-on-year by $2.3 million, or 20.1 per cent. Total revenue, at $25.2 million, was up 23.9 per cent, reflecting strong growth in revenues from investment and pension fund administration and banking activities. Client assets under administration increased by 17.8 per cent to $36.8 billion. Butterfield has also disclosed that it has pulled out of the running to buy troubled rival Bermuda Commercial Bank.