The following is a summary of the The Bank of N.T. Butterfield & Son Limited (NTB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Butterfield reported Q1 2024 net income of $53.4 million and core net income of $55 million, core earnings per share at $1.17.
The bank registered a core return on average tangible common equity of 24.5% for the quarter.
The net interest margin was at 2.68%.
1.2 million shares were repurchased at an average price of $30.40 per share.
Net interest income before provision for credit losses increased slightly to $87.1 million.
Non-interest income decreased by 8.1% from the previous quarter, totaling $55.1 million.
Total core non-interest expenses decreased by 3.8% to $86.9 million.
Business Progress:
Butterfield has welcomed new General Counsel and Group Chief Legal Officer, Simon Des-Etages.
The bank is expanding its business in areas like the Bahamas, Switzerland, Singapore, and the UK.
The company is exploring growth opportunities through acquisitions and is focused on disciplined expense management, and net interest earnings.
The bank completed its core banking system upgrade to a cloud infrastructure.
The acquisition of Credit Suisse's trust business has begun generating value due to the smooth transition of client relationships and employees.
The bank is considering acquisition opportunities, particularly in the private trust business.
The company sees strong growth opportunities in its Cayman market, specifically in lending and M&A opportunities.
More details: Bank of N.T Butterfield & Son IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.