Aid Bank records profit for financial year

first_img Share 21 Views   no discussions Sharing is caring! Tweet LocalNews Aid Bank records profit for financial year by: – December 19, 2012center_img Share Share Chairman of the Board, Mr. Martin CharlesThe Dominica Agricultural Industrial and Development Bank (AID Bank) has recorded profit of EC$1.01 million for its financial year ended 30th June 2012, its chairman has revealed.Chairman of the Board of Directors Martin Charles who addressed the Bank’s 20th annual general meeting at the Fort Young on Wednesday, December 19th hailed the bank’s operations over the past 40 years a major “milestone” and its growth “remarkable”.For the financial year ended June 30th 2012, the bank recorded Total Income of $13.79 million, Net Income of $1.0 million, and Expenditure of $11.34 million.According to the Chairman’s report, eight hundred and twenty-six jobs were created in the economy through the AID Bank and a total of 381 loans were approved at a total value of EC$34.56 million compared with the EC$36.33 million approved in the preceding financial year.Charles noted that over the past 40 years the bank has approved loans of $538.34 million for social and economic development in Dominica.These include over $86.14 million for agriculture, $106.43 million for services, manufacturing and transportation, $81.87 million for tourism, $122.90 million for housing, $93.93 million for students, $39 million for personal lending, $6.50 million for infrastructure and equity investments of $2.13 million.The year in review was the third of the bank’s five year strategic plan for the period 2009 to 2014.“In the face of continued uncertainty in the global environment, the AID Bank continues to make a solid contribution to private sector growth and to roll out new elements of its strategy. “Monthly and annual reports on the implementation of the strategic plan indicate that the objectives and targets of the plan are substantially being achieved,” Mr. Charles noted further.The first two years of the plan was organizational restructuring, improving organizational efficiency, repositioning the bank and expansion of its core activities of lending and mobilizing funds for development of the productive and social sectors of the economy.Dominica Vibes Newslast_img