BUZZ-Butterfield climbs after Q4 profit beats expectations

Reuters02-12
BUZZ-Butterfield climbs after Q4 profit beats expectations

** Shares of Bermuda-based lender Butterfield NTB.N jump as much as 11.3%; last up 5.8% at $39.60

** NTB posts Q4 core net income of $1.34/shr, beating analysts' expectations of $1.17/shr, according to data compiled by LSEG

** Q4 net interest income rose to $88.6 million, beating expectations of $82.8 million, thanks to higher treasury and investment volumes

** Positive performance in last quarter can also be attributed to the seasonal strength of both Cayman tourism and consumer credit card spend, CEO Michael Collins says

** Raymond James says it was a solid quarter, where fundamental trends were strong

** Brokerage adds that NTB defended net interest margin better than expected in the midst of rate cuts

** NTB stock jumped 24.1% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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