The Dominica Agricultural Industrial and Development Bank (AID Bank) has recorded a profit of $1.01-million for the financial year ended June 30, 2012.
This figure was however, 55.18 percent lower than the $2.38-million net profit recorded in 2011.
Chairman of the bank’s board of Directors, Martin Charles, revealed at the bank’s Annual General Meeting on Wednesday morning, that a total of 382 loans were approved by the bank with a total value of $34.56-million.
He also said that an estimated 826 jobs were created in the economy through the bank.
“Total disbursements for the year in question amounted to $33.37-million. This amount represents a 6.6 percent increase over total disbursements for the period ended June 30, 2011 when $31.29 million was disbursed,” he said.
Additionally, at the end of June 2012, the principal outstanding in the Bank’s loan portfolio grew by 12.71 percent to $153.36-million compared to $136.06-million outstanding as at June 30, 2011.
Charles also reported a 22.88 percent decline in non-performing loans. According to him at June 30,2012 non-performing loans totalled $23.68-million or 15.44 percent of total loans outstanding at $153.36-million, a decline from the ratio of 20.02 percent as at June 30, 2008.
The total revenue recorded was $13.79-million which was 12.76 percent more than the $12.23 million recorded for the comparative period ended June 30, 2011.
The chairman also highlighted the rapid increase in the bank’s assets and the need to put measures in place to successfully mitigate against inherent risks.
“To this end, the Board of Directors will for the first time in the Bank’s 40 year history, appoint a sub-committee called the Risk and Asset Liability Committee and a risk office/manager,” Charles indicated.