AID Bank reports $1.2 million income for fiscal year

Martin Charles

Chairman of the Board of Directors of the Dominica Agricultural Industrial and Development Bank (AID Bank), Martin Charles has announced that for the fiscal year ended June 30, 2023, the bank is reporting a profit of $1.2 million.

 He made the announcement during the AID Bank 30th Annual General Meeting (AGM) held at the State House Conference Center on Friday.

“For the year ended June 30, 2023, the bank’s continued efforts at management of its loan portfolio and the enhanced value of its investment properties realized an overall total comprehensive income of $1.2 million,” he said. “The bank is mindful of the need to remain focused and not to become complacent.”

According to him, as the bank has moved towards the end of one strategic period (2020-2024) into a new cycle, “we will continue to embrace the government’s call for a national reset.”

Charles said further, that with an enhanced marketing plan the bank will strengthen its public-private sector partnerships, particularly in the areas of tourism, manufacturing, agriculture, fisheries, and investments.

Meanwhile, Charles indicated that in December 2021 the Government of Dominica through the Caribbean Development Bank (CDB) made available to the AID Bank a line of credit valued at EC$27.8 million for private support to micro, small, and medium-sized enterprises.

“I can report that at the end of June 30, 2023, a total of $16.35 million or 58.58 percent of the amount has been committed to the productive sectors of agriculture, tourism, manufacturing, transportation and services,” he revealed.

Charles continued, “We have seen the emergence of new businesses and the expansion of existing ones which have created additional jobs and economic growth in the key sectors.”

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  1. Dancea.
    February 19, 2024

    Is it true that the AIDB Chairman is actually non-resident in Da ? That he is the Resident Ambassador to China? Can this possibly be true? How does One explain it ? What in Mr Charles’ background and track record makes him eligible for appointment to either position? Are Board appointments a matter of interest to the Dominica media, as they are in every other country that I know?

  2. L C Matthew
    February 17, 2024

    DNO my differentiation of profits and income is wrong. I stand corrected.
    sent before reading over. Revenue and income are different. it’s a case of reading one thing and my mind on something else. however the report above is empty.

  3. L C Matthew
    February 17, 2024

    This story is as empty as the person doing the presentation and means nothing. DNO please tell me more than that was said. Income and profits are two different things. I can generate revenue or income of 100 million and still not make a profit. hence the above story is a useless piece of news. Furthermore if 16 million of that 27 million has been dispersed with only 1.2 million in income at that rate it will take the bank over 15years to recover just the amount dispensed doing a simple calculation. Charles Martin is in China running a bank by remote control. Aid bank has been poisoned with political chamber maids for far too long why it is in such bad shape. it is clear they are only kept afloat by these occasional gov cash infusion from CBI. these retards think we all stupid.

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    • Zandoli
      February 18, 2024

      @L.C Matthew
      Income and revenue are two different entities. Revenue is the total amount of money collected. Income on the other hand is revenue less expenses. In other words, Income is profit (or loss).

      I just saw your correction after I wrote this.

  4. JAH KAL
    February 17, 2024

    Martin Charles you all not ashame to put out a report saying the bank made a profit of 1.2million dollars in agriculture only , a country that use to feed the entire caribbean man you all a bunch of jokers .
    Carholme in the St joe area you could have find every thing and anything in that place under your government that place got abandon , a you helping the young men in St joe to go back to agriculture , or even helping them how to go about getting loans to go back and help the country with agriculture. The world need food and water the caribbean need food and water and your government turn there backs on that.
    You from an area in the country where farmers use to produce plenty plenty food now its ashame to see Stjoe where you come from, Dominica is the richest country in caribbean we have great soil and plenty plenty water, alot of country envy what we have wasting,shame on your goverment.

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  5. John Jay
    February 17, 2024

    How can Martin Charles be an ambassador in China and still be the chairman and whenever there are meetings etc. THE AID BANK has to be paying this COST and we can’t get INTEREST.

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  6. Iamanidiot
    February 17, 2024

    So wait, this Gentleman is the chairman of the Aid bank and also an ambassador living in China? So no young person that graduated in one of them fancy schools could get that job. Cause one man taking two nice jobs. Must be a genius papa

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  7. Zandoli
    February 16, 2024

    DNO…how does that compare to the previous year? That will give readers a sense of whether they are trending in the right direction or things are deteriorating.

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