Following two years of net losses in the hundreds of millions, the parent company of Butterfield Bank (Bahamas) Limited is beginning to yield profits again, posting net income of $8.4 million for the first quarter of 2011.
The Bahamas was able to contribute about $0.6 million in net income for the period ended March 31, a turnaround from the same period in 2010 when Butterfield (Bahamas) posted a small $15,000 (15k) loss. After reducing balance sheet risk, a sizeable capital injection, and cost-cutting measures, the group’s President and CEO Bradford Kopp told Guardian Business on Wednesday the last quarter’s results were no ‘flash in the pan’.
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