Bk forex review 2015
The investment portfolio was made up of high quality assets with The investment yield decreased year over year by 9 basis points to 2. The increase in unrealised gains is largely attributable to a decrease in long-term treasury rates in the months which followed the US Federal Reserve decision to raise benchmark rates in late In addition, an additional provision associated with the aforementioned internal review and account remediation programme of US person account holders was recorded during the quarter.
Net income growth was due primarily to increases in interest income on investments and loans and non-interest income led by volume-driven foreign exchange income, banking, asset management and trust fees, partially offset by increased salary and other employee benefits and technology sourcing costs. The increase was due primarily to volume-driven growth in foreign exchange, banking fees and commissions driven by account transaction service wire transfer fees, along with asset management and trust fees. This amount remained flat quarter over quarter, due primarily to lower net interest income from lower loan revenues and adverse foreign exchange variances being offset by lower non-interest expenses from lower salary-related expenses and favourable exchange rate variances.
The purpose of the sub-participation was to provide funding for the repayment of depositors. These deposits will be repaid in an orderly fashion during the second quarter of Certain statements in this Release may be deemed to include 'forward-looking statements' and are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors including worldwide economic conditions, success in business retention and obtaining new business and other factors.
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U. Securities Act of , as amended. A public offering of securities in the United States, if any such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N. Butterfield is specialist provider of international financial services.
The Butterfield Group offers a full range of community banking services in Bermuda, and the Cayman Islands, encompassing retail and corporate banking and treasury activities. The Group variously provides private banking, asset management, investment advisory, residential property lending and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and trust services.
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