As a result the decision was taken to write off all of these loans. Accounting convention requires this loss to be deducted from net income from continuing operations for the quarter under review. Most significant, said Mr. Johnston, is that there are now no loans remaining from these former businesses. The third quarter was also notable for our successful acquisition of Matheson Bank Limited in the United Kingdom, in February, and the launch of Butterfield Direct Internet Banking, Bermuda s first Internet banking service, in March. Butterfield Direct is an important innovation that reinforces the Bank s commitment to meeting the needs of our customers.
All businesses continue to produce significantly increased earnings.
In Bermuda the third quarter saw both the Community Banking and Asset Management businesses outperforming the previous two quarters, commented Mr. Ferrett. The AAAm rated Butterfield Money Market Fund GBP class was placed first in the World over five years for the third consecutive year and the Bank also won second place in the World for the One Year Performance of its whole family of in-house managed mutual funds. The Board has decided to increase the quarterly dividend by 2 cents, to 30 cents per share, payable on Tuesday 15 May 2001 to shareholders of record on Tuesday 1 May 2001. The Bank s results, which are unaudited, are stated in accordance with accounting principles generally accepted in Bermuda and Canada. Bank of Butterfield Group is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company that has chosen its markets, knows them well, and uses its knowledge to benefit institutional and individual clients.