Sharing is caring! Share BusinessLocalNews AID Bank reports $2.69M profit by: Dominica Vibes News – March 23, 2016 Tweet Share 301 Views one comment (L-R): Director of the Dominica Social Security, Janice Jean Jacques Thomas, AID Bank’s Manager, Julius Corbett and AID Bank’s Chairman, Martin CharlesThe Agricultural Industrial Bank of Dominica (AID Bank) has recorded its second largest profit to date in its forty-four year history. Chairman of the Bank’s Board of Directors, Martin Charles reported on the institution’s operations for the period July 2014 to June 2015 at its 23rd annual general meeting at the Fort Young Hotel in Roseau on Wednesday 23 March 2016.“I am especially delighted this morning to report that net profit for the financial year was 2.69 million dollars which was 3.08 percent lesser than the restated 2.78 million dollars net profit recorded in 2014,” Charles said.“This is the Bank’s second largest profit after restated figure for the financial year ending June 30th 2014 which was the largest in the bank’s forty-four year history,” he continued.Total comprehensive income was XCD 6.12 million for the year under review, after recognizing a revaluation excess for AID Bank’s office building.For the year in review, total loan approvals amounted to XCD 28.92 million representing an increase of 7.43 percent in comparison to the previous year’s loan approvals of XCD 26.92 million.Approvals for tourism and other productive sector enterprises amounted to XCD 13.29 million or 45.97 percent of total approvals. Loan approvals for mortgage, student and other categories amounted to XCD 15 million or 54.03 percent of total approvals.Mr Charles said while the bank’s goal is not profit maximization, in order to continue to expand its contribution to the national economy and to maximize stakeholder value, the bank’s operations must be financially sustainable. The Chairman assured its shareholders, the government of Dominica and the Dominica Social Security, that he will drive needed reforms to achieve greater institutional efficiencies and effectiveness. “The bank must become more nimble, there are way too many dysfunctional processes that simply clog up the effectiveness of the bank. Everywhere I go, I am confronted with these remarks; ‘Your bank is too slow”. The board, shareholders, does not intend to run a slow bank. Yes we must become more efficient. It will be a long journey but a journey of a thousand miles begins with the first step,” Charles stated.As part of the Bank’s AGM, a number of its clients displayed their services and products which was viewed by Prime Minister Roosevelt Skerrit, Cabinet Ministers, and other invited guests.– / 33 Share
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