AID BANK ACHIEVES A NET PROFIT OF 1.22MN
The Dominica Agricultural Industrial and Development Bank (AID Bank) achieved a net profit of 1.22mn, for the financial year ended June, 2009, an increase of 48.70% over that attained in 2008. At the Bank’s 17th Annual General Meeting held at the Fort Young Hotel on 22nd February, 2010, the Chairman of the Bank, Mr. Ambrose M. J. Sylvester, also revealed that non-performing loans declined to 18.66% from 20.02%.
Along with these positive financial results, initiatives being undertaken to enhance the Bank’s role as a catalyst in the economic and social development of Dominica are bearing fruit. The Bank has introduced the concept of risk-sharing with other financial institutions and additional funds are being mobilized to fund diverse projects which will impact favourably on the economic and social well-being of Dominicans, through increased employment, foreign exchange earnings, and infrastructural development.
Mr. Sylvester expressed appreciation to the shareholders of the Bank, the Government of Dominica and the Dominica Social Security, for their continued support and confidence in the institution. He commended the Management and staff for their commitment, hard work and dedication “despite a challenging global, regional and international environment,” and in consideration of the fact that the Bank had not received a new line of credit from its traditional lenders for many years.
The function was also addressed the Honourable Acting Prime Minister, Mr. Reginald Austrie. He applauded the Bank for its achievements and initiatives and appealed to borrowers of the Bank to honour their commitment, which will otherwise have adverse impacts of the plans of the institution, as well as the taxpayers of the country.
Along with these positive financial results, initiatives being undertaken to enhance the Bank’s role as a catalyst in the economic and social development of Dominica are bearing fruit. The Bank has introduced the concept of risk-sharing with other financial institutions and additional funds are being mobilized to fund diverse projects which will impact favourably on the economic and social well-being of Dominicans, through increased employment, foreign exchange earnings, and infrastructural development.
Mr. Sylvester expressed appreciation to the shareholders of the Bank, the Government of Dominica and the Dominica Social Security, for their continued support and confidence in the institution. He commended the Management and staff for their commitment, hard work and dedication “despite a challenging global, regional and international environment,” and in consideration of the fact that the Bank had not received a new line of credit from its traditional lenders for many years.
The function was also addressed the Honourable Acting Prime Minister, Mr. Reginald Austrie. He applauded the Bank for its achievements and initiatives and appealed to borrowers of the Bank to honour their commitment, which will otherwise have adverse impacts of the plans of the institution, as well as the taxpayers of the country.
