AID Bank’s financial performance ‘less than favourable’ – Martin Charles

AID Bank Chairman, Martin Charles. File photo
Chairman of the Dominica Agricultural Industrial and Development (AID) bank, Martin Charles has said that overall the bank has reported a slight decrease of 1.53% in its loan portfolio from EC$168.8 million as of June 30th 2017 to EC$166.2 million as of June 30th 2018.

Charles made this statement at the 26th Annual General Meeting of share holders of the AID bank for the financial year June 2017 to June 2018.

“In the wake of Hurricane Maria, the government of Dominica embarked vigorously on a national resilience development strategy which is a broad framework that provides the guidelines for achieving its national objectives by 2030,” he said.

He said the overall net profit of the AID bank was EC$0.73 million as of June, 2018.

“By the end of June 2018, less than 1 year after Hurricane Maria it was no surprise that the bank’s financial performance was less favorable than the previous year; the bank saw the deterioration in its loan portfolio quality, portfolio growth and rental income. Hurricane Maria presented an excellent opportunity to strengthen  our operating mechanisms towards greater resilience,” Charles said. “The overall financial performance of the bank… net profit on operations of 0.73 million as of June 30th. The prior year of comprehensive income was restated to show an improved net profit on operations of EC$1.37 million from  the EC$0.48 million which was reported last year. We can report that during this finical year the bank continued its rebuilding efforts by injecting much needed financial resources into the productive sectors.”

He further stated that a total of 213 farmers and fishermen on the island as well as people in the tourism sector benefited from Citizenship by Investment  (CBI) funds.

“As of June 30th 2018 a total of 213 farmers and fishermen with an investment value of EC$4.1 million benefited from the government of Dominica’s CBI funding. 54% of the investment amount went towards farm development while 24% went towards poultry enterprises and 15% towards fishing.

The major proportion of this investment of 32% was made in the South east region of Castle Bruce to Delices while 22% was made in the north east region of Calibishie to Margiot,” Charles stated.

The AID Bank Chairman siad that following Hurricane Maria the government modified the CBI loan facilities with more attractive terms in an effort to meet the needs of the target groups. He said also that interest rates within the targeted groups was reduced to 2%.

“The tourism facility was modified to include a broader utilization of the funds to include property restoration, renewable energy, energy efficient components and a working capital component. Ten months following hurricane Maria, some tourism facilities were at an advanced stage of restoration of their properties with funds contracted from the CBI loan facility which showed a total injection of EC$3 million…a total of EC$5.3 million has been utilized from this facility towards the tourism sector.”

Charles added that greater emphasis was placed following Hurricane Maria on improving sustainability and resilience. He added that the bank has therefore, laced a strategic plan for the period 2017-2020 and will focus on objectives including business continuity, enterprise risk management,customer care, risk and compliance, human resource, health and wellness, safety and security, industrial estates, and recovery, among others.

He said the AID bank recognizes its role towards growth and development of the economy and stands ready and resolute in playing its part towards this endeavor.

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26 Comments

  1. Jonathan Y St Jean
    July 22, 2019

    We now know that China is an address in Roseau at an office in the Aid Bank. Also we now know what the second doctorate Skerritt got was in the mastery of lying.

  2. July 21, 2019

    Boy you gotta give me a job..You gotta give me a job when get down there…
    Chairman of the bank, Ambassador,what else….
    You got it good…
    Midnight groovers sang : bring back the milk and honey…
    Yours eh gone…You have it…
    Enjoy it my brother….

  3. Iamanidiot
    July 20, 2019

    So when the board has to meet the chairman has to come down? That’s a ticket on tax payers every time? or is the board not meeting cause the chairman is living in china? Or maybe they meeting over Skype?
    Funny how if you working Government and you running a little hustle they will come and tell you ” Oh you a government employee you cannot have two jobs!”. Bear in mind a little 1000 and change you making.
    While this gentleman has a job that Im SURE, paying him over 5 grand a month, plus recreation allowance + travel allowances + all kind of allowance. And he has a second gig as chairman with a whole bunch of allowance as well. I don’t have real figures but given the post of these jobs, I willing to bet this gentleman grossing well over 10 grand a month.

    But it’s ok, Government giving cool out and will send your child to school for free, and give you a house, and you will work in a hotel so that doesn’t matter.
    Only in Dominica.

  4. Iamanidiot
    July 20, 2019

    So know who who studied Foreign Affairs can be an ambassador while this man is Chair man, or no one who studied…whatever it is can be the chair man while the man is ambassador.
    Take note, the people that going to study and you get told “come back to work in Dominica, government paying scholarship!”. Take note is only one set that eating, the “big jobs” is really only for one set.
    But you want to know the biggest joke? After this man rakes in all that money being chairman and ambassador(and trust me, ambassadors get serious cash). When he gets to retirement age and he retires…HE GOING TO COME BACK ON A CONTRACT!!!!!
    RIP career and dreams of the younger generation.

  5. Blaze
    July 19, 2019

    Taytay poul still at it…..
    maintaining two jobs…

    lol

  6. Vrai Den
    July 19, 2019

    Isn’t this the same Martin Charles who was(or is????) the chairman of the board of DUTC(Dominica Unit Trust)? In which many Dominicans invested their money, and lost most, if not everything? No accountability, no response to questions posed by investors for years. Many of the investors have died and their families have no answers about monies invested. This is blatant irresponsibility, dishonesty and deliberate lack of accountability to people for their money. Mr. Charles wears many hats, but how does he perform? Why is he placed in subsequent, and multiple positions at the same time, after he demonstrated such irresponsibility and lack of accountability to DUTC investors? Shame, Shame, Shame, and it is sad to see this level of behaviour towards people regarding their hard earned money. It just shows that he and the board he heads(or headed) does NOT care. I don’t even know whether DUTC still exists because no one answers questions.

    • RandyX
      July 21, 2019

      In Skerrits Dominica everything is possible and his supporters do get away with ‘murder’. What happened to our island? Why are we tolerating this men’s madness on a daily basis? Have we completely lost our civil courage?

    • Me
      July 21, 2019

      Yes, it is the same Charles.

  7. Bwa-Banday
    July 19, 2019

    Dca niceeeeee man! Ambassador to China and Aid Bank Chairman at the same time and all saying we doh have jobs in Dca? Two high paying positions held by the same individual while some gwayaying ? And we still shouting labor ka twavaye? SMH in disgust! Only in Dca where “a few” reign supreme.

  8. GRAYFOX2017
    July 19, 2019

    I am not surprise AID bank is not doing so well. Recently I went to the AID bank to get information on purchasing a vehicle I met with a loan officer who seems he was ready to B.S. me with unbelievable crap. He seems to dislike working with clients. I had to remind him that the A in AID stands for agriculture. AID bank needs to employ employees who are customer service oriented, be more client oriented and more lenient with its products. I have been trying to get financing for a portion of land from AID bank before hurricane Maria and till now I am still waiting for a word from that same loan officer. I finally paid the land with cash.

    AID BANK GET YOUR ACT TOGETHER THIS WILL IMPROVE YOUR PROFITS AND YOUR FISCAL SITUATION

    • RandyX
      July 21, 2019

      All square pegs in round holes. But all those employees hold the right party book and that is all that matter…

  9. Kalinago Justice
    July 19, 2019

    :?: Why is it that people who are directly associated with the one-man rogue regime are the ones at the helm of every state institution even when they’re no competent to do so :?: Here it is the chairman is representing a state institution but have to show his red partisan colour! :?:

  10. Shaka zulu
    July 19, 2019

    Additionally this was presented at an anual general meeting of share holders. Did they actually sit and listen to that without asking questions? Or were the share holders a bunch of monkeys swinging from branches at zoo. I would like to assume the government is the largest share holder because state resources are used in investment. In the past few years AID bank main profits came from student loans. Today the government boast of sending over 500 kids to study. So the government is Working against the bank in every aspect in the country; housing, hotels, study finance, industry, yet using passport money to invest for share holders. If this is not madness and stupidity to the highest degree i dont know what is. Finance of a country is not a psychological game. The director of the state college ask us to think critically. We are screwed. Charles need to fired.

  11. me
    July 19, 2019

    all of that because aids bank is a terrible dishonest bank that has no consideration for their customers .. the only bank to give no support to mortgage holders after maria not one day grace

  12. Hmmm
    July 19, 2019

    Oh dear. That face looks sad :(

    • Pipo
      July 21, 2019

      Maybe its because he was never accredited in that post by China, his credentials not accepted? Francine Baron should tell us if it is true.

  13. Shaka zulu
    July 19, 2019

    As of june 30th 2018 the bank made $730 000 in profit. This is dispicable. This is supposed to be th AID bank. Here is the kicker, the bank is not profitable and using CBI money to make investment at 2% interest and instead of increasing loan portfolio it is decreasing. This tells that the country is in dire financial situation. It is not using profits to re invest instead sale of passports. 4 million investment on over 200 farmers with no record on how that investment increased production and what was the overall return on that investment. Are we that dumb in Dominica? Meanwhile gov building hotels, abattoir, coffee plants with no finance from AID bank and no stats on profitable of similar existing industry. What is capacity at fort ypung and garraway hotel? Are they turning down booking for lack of rooms?. These are the kinds of industry the bank should be financing. Charles is trying butter DA up but the above is nothing but a country in a financial crisis.

  14. John Jones
    July 19, 2019

    Standards and value drop and you expect performance to increase? You know all about it.

  15. jackarie
    July 19, 2019

    When the government giving unsecured loans as part of its campaign strategy what all you expect?

  16. Pipo
    July 19, 2019

    I thought Martin Charles was appointed our Ambassador to China. So how can he be the chairman of our Aidbank at the same time?

    • Salary
      July 20, 2019

      Because all the money, perks, nice jobs is for one set

    • Ibo France
      July 21, 2019

      This is exactly one of my major concerns. Only a very tiny number of citizens is allowed to secure a very comfortable living from the country’s resources. Too many citizens are condemned to a life of insufferable hardship, misery and excruciating hunger. Why should one inept individual be given two high profile jobs when thousands are unemployed and thousands more are underemployed. This is a uncaring, incompetent, reckless and wicked administration. It will take a change of government that will be fair to all, transparent, accountable, consultative, visionary, honest, people oriented to heal and grow the country. A change is needed for sure, just can’t continue this way. Next general election show Skerrit and his minions the EXIT DOOR.

  17. Rexfloor
    July 19, 2019

    Well Sir this is expected. Hurricane Maria. Hurricane Loss of Ross. Hurricane giving loans to clonies. Hurricane mismanagement by the last acting manager. Do the Math.

  18. Rubbish
    July 19, 2019

    How is he still the Chairman and an ambassador to China. No other competent person can replace this man…sad state of affairs

  19. As I see it
    July 19, 2019

    DNO is a waste of time. They putting out all those fancy subje9 and a space for comment but they not publishing 99.9% of our comments. So it’s like they are saying if you have time to waste just waste some on our site
    That6 shameful and very embarrassing to say the least

  20. Senseless
    July 19, 2019

    How can the Residence Ambassador to China, still is the Chairman of the Bank. Only under a corrupt administration.

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