Butterfield Bank's third quarter results: additional financial highlights:

• Net interest income before credit recoveries was $38.6 million, up

year on year by $9.2 million, or 31.5 percent.

The bank attributed the growth to increased customer deposits and loans resulting from acquisitions in Barbados and the Bahamas in the second half of 2003 and the United Kingdom in the second quarter of 2004, and organic growth across the bank's established businesses.

• Total fees and other income increased at the bank, year on year, by 28.4 percent, or $8.9 million, to $40.4 million, also reflecting the acquisitions mentioned above.

During the quarter, Butterfield reported strong revenue increases in the following areas: asset management (+66.4 percent), investment and pension fund administration (+62.9 percent), customer-related foreign exchange (+28.1 percent), and banking (+16.3 percent).

•Total assets at the end of the quarter were $8 billion, up from $6.60 billion a year ago. Some 79 percent, or $1.12 billion of the growth was said to be due to acquisitions.

•Total loans increased year on year by $573 million (31 percent), of which

$346 million, or 60.4 percent, was from the acquisitions.

•Total investments increased year on year by $354 million, or 15.3 percent,

to $2.66 billion. Investments were said to represent 33.2 percent of total assets, compared to 35 percent a year ago.

•Shareholders' equity increased year on year by 16.4 percent to $438.4

million. The ‘1 for 10' bonus share issue in August was said to have resulted in the

issuance of 2,217,926 new shares.

•Client assets under investment management reportedly increased year on year by

19.3 percent to $8.8 billion whilst client assets under administration increased by 33.7 percent to $71.0 billion during the same period.