The Bank of N.T. Butterfield & Son (Butterfield), a Bermuda-based private bank, has reported a net income of $78.2 million for the year ended 31 December 2013, a surge of 205% or $52.6 million year-on-year.

Net earnings attributable to common shareholders for the year were $58.4 million compared with $6.6 million in 2012.

The bank’s total net revenue increased to $341.7 million from $298.7 million a year ago.

Also, Butterfield’s core efficiency ratio of 71.6%, improved from 78.4%.

John Maragliano, Butterfield’s CFO, said "We are pleased with the continued progress our businesses are making in delivering improved core results. Year over year growth in net income and core earnings drove significant improvements in our key performance ratios, most notably the core cash return on average tangible common equity of 10.3%, core cash return on average assets of 0.9%, and the core efficiency ratio of 71.6%.

"The increase in core earnings in 2013 was driven primarily by two factors: lower expenses due to improved operating efficiency; and enhanced revenue performance in the investment portfolio.

"Butterfield ended the year with a very strong capital position, a highly liquid balance sheet and improved asset quality, which positions us well."