Record Disbursements in Financial Year ended June 2011
The Dominica Agricultural Industrial and Development Bank [AID Bank] continues to fulfill its mandate to foster growth and development in the Commonwealth of Dominica through increased lending to the economic and social sectors of the economy.
For the financial year ended June 2011, the Bank’s disbursements of loans totalled $ 31. 3 million which was 148 per cent greater than the amount disbursed in the preceding financial year and the highest level recorded in the forty-year history of the institution.
For the financial year the Bank also approved loans with a total value of $36.33 million, the second highest level recorded in the Bank’s history and only surpassed by the preceding year’s total of $ 41.9 million.
The Industry and Tourism Sectors were the principal beneficiaries of the Bank’s loans during the period.
At the end of June, 2011, the principal outstanding in the Bank’s loan portfolio grew by 13.97 per cent to $136.06 million compared to $119.38 million as at June 30, 2010.
With respect to the sectoral distribution of the portfolio, Education loans totaling $32.69 million represented the largest category of loans, accounting for 24.02 of the total portfolio. This was closely followed by Tourism and Industry, with 23.98 and 23.52 per cent of the total portfolio respectively.
At June, 2011, The Bank’s non-performing (NP) loans totaled XCD 19.91 million or 14.63 percent of the total loans outstanding of $136.06 million.
In addressing the Annual General Meeting of the Bank held at the Fort Young Hotel on Wednesday April 18, the Chairman of the Board of Directors, Mr. Ambrose M.J. Sylvester stated that the level of Non-performing loans is the lowest recorded in the recent history of the Bank and is clear indication of an improvement in the quality of the Bank’s loan portfolio.
For the financial year ended June 2011, the Bank’s disbursements of loans totalled $ 31. 3 million which was 148 per cent greater than the amount disbursed in the preceding financial year and the highest level recorded in the forty-year history of the institution.
For the financial year the Bank also approved loans with a total value of $36.33 million, the second highest level recorded in the Bank’s history and only surpassed by the preceding year’s total of $ 41.9 million.
The Industry and Tourism Sectors were the principal beneficiaries of the Bank’s loans during the period.
At the end of June, 2011, the principal outstanding in the Bank’s loan portfolio grew by 13.97 per cent to $136.06 million compared to $119.38 million as at June 30, 2010.
With respect to the sectoral distribution of the portfolio, Education loans totaling $32.69 million represented the largest category of loans, accounting for 24.02 of the total portfolio. This was closely followed by Tourism and Industry, with 23.98 and 23.52 per cent of the total portfolio respectively.
At June, 2011, The Bank’s non-performing (NP) loans totaled XCD 19.91 million or 14.63 percent of the total loans outstanding of $136.06 million.
In addressing the Annual General Meeting of the Bank held at the Fort Young Hotel on Wednesday April 18, the Chairman of the Board of Directors, Mr. Ambrose M.J. Sylvester stated that the level of Non-performing loans is the lowest recorded in the recent history of the Bank and is clear indication of an improvement in the quality of the Bank’s loan portfolio.
