Bank of NT Butterfield & Son Ltd
butterfieldgroup.comWhat Do They Do?
Provides banking, lending and wealth management services to individuals, businesses and financial institutions.
20-F for FY2025, filed Feb 18, 2026We are a full service bank and wealth manager headquartered in Hamilton, Bermuda. We operate our business through three geographic…View ↗
In our Bermuda and Cayman segments, our bank provides a full range of retail and corporate banking services to individuals, local…View ↗
In our Channel Islands and UK segment, our bank provides a broad range of services to individuals, private clients and trusts, and to…View ↗
In all of our segments, we offer wealth management to high net worth and ultra-high net worth individuals, family offices, and…View ↗
How Do They Make Money?
Customers pay interest on loans and securities, fees for trust, custody, investment management and banking services, and fees on foreign-exchange transactions. Loan interest and some service fees are earned over time; transaction fees are earned when the service or exchange occurs.
20-F for FY2025, filed Feb 18, 2026Trust, custody and other administration services fees include fees for private and institutional trust, executorship, and custody services.…View ↗
Banking services fees primarily include fees for letters of credit and other financial guarantees, compensating balances, overdraft…View ↗
Foreign exchange revenue includes fees earned on currency exchange transactions which are recognized when such transactions occur, as well…View ↗
Loan interest income is accrued and recognized in revenues over time and also includes the amortization of deferred non-refundable loan…View ↗
Dividend and interest income, including amortization of premiums and discounts, on securities for which cash flows are not considered…View ↗
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20-F for FY2025, filed Feb 18, 2026
FY2025 revenue by reportable segment ↗
$606.8M
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20-F for FY2025, filed Feb 18, 2026
$606.8M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Bermuda
|
45%
FY2022: 45%
|
Bermuda, FY2025
$273.7M Sources
|
|
Cayman
|
33%
FY2022: 33%
|
Cayman, FY2025
$197.4M Sources
|
|
Channel Islands and the UK
|
19%
FY2022: 20%
|
Channel Islands and the UK, FY2025
$114.6M Sources
|
|
Other
|
7.7%
FY2022: 5.4%
|
Other, FY2025
$46.6M Sources
|
Who Are Their Customers?
Individuals and businesses use the bank for deposits and loans, while financial institutions, funds, trusts, and wealthy families use banking, custody and wealth services. Trust firms introduce clients, and private banking clients may come through the bank’s retail, trust and asset management businesses or external introducers.
20-F for FY2025, filed Feb 18, 2026In our Bermuda and Cayman segments, our bank provides a full range of retail and corporate banking services to individuals, local…View ↗
In our Channel Islands and UK segment, our bank provides a broad range of services to individuals, private clients and trusts, and to…View ↗
In all of our segments, we offer wealth management to high net worth and ultra-high net worth individuals, family offices, and…View ↗
Our private banking business line offers access to a suite of services, targeted toward high net worth and ultra-high net worth…View ↗
The international trust market is primarily concentrated in select jurisdictions, including Bermuda, the Cayman Islands, the Channel…View ↗
The private banking market in Bermuda, the Cayman Islands, and the Channel Islands is composed largely of resident high net worth and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 38 cents of every revenue dollar as net income in FY2025.
20-F for FY2025, filed Feb 18, 2026
20-F for FY2025, filed Feb 18, 2026
$231.9MView ↗
How Are They Changing?
Growing. Revenue grew 21% in 4 years, from $499.7M in FY2021 to $606.8M in FY2025, about 5% a year.
Channel Islands services
The latest report describes local credit cards for Channel Islands residents and lists broader banking services, including corporate banking and treasury services, alongside mortgage lending for residents. The earlier report described the mortgage market entry and a narrower range of services there.
20-F for FY2022, filed Feb 22, 2023 20-F for FY2025, filed Feb 18, 2026
Jersey and Guernsey structure
The latest report describes the Channel Islands business operating through a Guernsey bank and its Jersey branch, following the transfer of Jersey business. The earlier report described a Guernsey bank serving both Guernsey and Jersey.
20-F for FY2022, filed Feb 22, 2023 20-F for FY2025, filed Feb 18, 2026Butterfield Bank (Guernsey) Limited provides private banking, corporate banking, custody services and mortgage lending. Butterfield Trust…View ↗
Who Do They Compete With?
Competes with HSBC, Bermuda Commercial Bank, Clarien Bank, Scotia Bank, CIBC FirstCaribbean, Barclays, RBS, Lloyds, JPMorgan Chase, Investec, and Royal Bank of Canada
20-F for FY2025, filed Feb 18, 2026The Bermuda banking industry currently consists of four licensed and operating banks and one licensed and operating deposit-taking…View ↗
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