Bob Moore, the managing director of Butterfield Bank in Guernsey. (0502046)

BUTTERFIELD Bank’s Guernsey branch is doing better than ever, according to its managing director.
Bob Moore said the island’s office had made a profit even though the group had sustained a loss.
Earlier this month, the bank announced a loss of $16.5m. for the second quarter due to a $50m. write-down in the value of mortgage-backed investments and support of its money markets fund.
In Guernsey, Mr Moore said the bank had done well despite not being immune to the global economic environment.
‘Guernsey had a first quarter this year with £5.3m. profit and the second quarter was the second highest profit on record. This was up 49% on the previous year.
‘There was a limited amount of investment, our not being immune to the global economic environment – but our group operating performance has been very good.
‘New business levels are strong, the strategic direction of the group is in good shape and we’re looking forward to continued growth.’