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