Butterfield Bank was recognised for the fourth year running as Bermuda?s top bank by The Banker, a prestigious UK banking publication.

In an announcement yesterday, the Island?s oldest financial institution said it had been chosen after the magazine?s editorial team took into consideration financial performance, activities undertaken to improve shareholder return and any major initiatives undertaken.

Butterfield, earlier in the year, was also named ?Best Developed Market Bank in Bermuda 2005? by Global Finance Magazine.

A year ago, Butterfield was named The Banker?s choice for top bank in both Bermuda and in the Cayman Islands. This year the Cayman Islands award went to Cayman National Bank.

Besides Bermuda and the Cayman Islands, Butterfield also has operations in the Bahamas, Barbados, Guernsey and in London.

The Bank of the Year awards are handed out to banks in more than 100 countries. Banks invited to apply for the award must meet specific performance standards to be eligible.

The Bank of Bermuda, which was bought out by multinational banking giant HSBC Plc. in February 2004, said yesterday that it did not submit an application for The Banker award this year, or last. It has applied in years past.

?As we are currently involved in an intensive integration process with HSBC we did not feel that it was appropriate timing to participate in the Banker awards,? a Bank of Bermuda spokesperson said yesterday.

In its September edition, the Banker said Butterfield was chosen for achieving ?strong financial performance across all jurisdictions and core businesses in an increasingly competitive market?.

Butterfield reported $90.5 million in net income last year, a 27.8 increase over the previous year?s profit.

The Banker also cited Butterfield?s successful integration of three recent acquisitions as a factor in its decision. The three entities are Deerfield Fund Services in the Bahamas, Leopold Joseph Holdings in London and Guernsey and Grosvenor Trust Company, in Bermuda, a purchase that strengthened the group?s trust business on the Island.

Questions on whether or not Butterfield could be bought out by a larger international bank have swirled since rival Bank of Bermuda?s sale to HSBC last year. So far, Butterfield?s management have said it will stick to a solo course as long as that is in the best interest of its shareholders.

In the bank?s statement yesterday, chief executive and president Alan Thompson said: ?Our strong performance across all business lines and jurisdictions confirms that our focus on developing core businesses remains sound.?

The Banker is owned by the Financial Times, averaging a circulation of 26,000 each issue. The Banker?s widest readership is outside the UK with 21,354 international subscribers, each month.

The figures, from an independent certificate of circulation, are for the July 2004 to June 2005 period.