{"id":61338,"date":"2012-04-18T12:50:53","date_gmt":"2012-04-18T16:50:53","guid":{"rendered":"http:\/\/dominicanewsonline.com\/news\/?p=61338"},"modified":"2012-04-18T16:16:30","modified_gmt":"2012-04-18T20:16:30","slug":"2-3-mil-net-profit-for-aid-bank","status":"publish","type":"post","link":"https:\/\/dominicanewsonline.com\/news\/homepage\/news\/business\/2-3-mil-net-profit-for-aid-bank\/","title":{"rendered":"$2.3-million net profit for AID Bank"},"content":{"rendered":"
\"\"
Chairman of AID Bank Ambrose Sylvester addressing the AGM on Wednesday<\/figcaption><\/figure>\n

Dominica\u2019s Agricultural, Industrial Development (AID) Bank made EC$2.3 million in net profit for the financial year ending June 30 2011, according to its chairman Ambrose Sylvester.<\/p>\n

He said the profit made was almost 50 percent (47.24 percent to be exact), with the bank receiving an upgrade in its credit rating \u201cfrom bb+ to bbb- by the Caribbean Information Credit Rating Services Limited\u201d.<\/p>\n

Sylvester made the disclosure at the bank\u2019s annual general meeting at the Fort Young Hotel on Wednesday, calling it \u201ca clear indication that the bank has achieved tangible improvements in a number of critical areas of its operations\u201d.<\/p>\n

According to the bank chairman the financial institution \u201cperformed creditably\u201d for the period under review.<\/p>\n

He made reference to programmes aimed at fostering growth and increased lending on the part of the AID Bank.<\/p>\n

Among the figures he disclosed – that loan approval by the bank totaled $36.33 million, something Sylvester\u00a0 described as the second highest level recorded in the bank\u2019s 40 year history.<\/p>\n

He also disclosed that disbursement of loans for the period under review totaled $31.29 million, \u201cthe highest level of disbursements recorded in any one year in the history of the bank\u201d.<\/p>\n

Also singing the praises of the AID Bank was Prime Minister Roosevelt Skerrit, who suggested that making a profit should become a habit for the bank.<\/p>\n

He also pointed to a \u201cdramatic reduction in interest rates for private sector investment\u201d in the last few years from about \u201c12 percent to an average of 6.5 to 6 percent per cent\u201d.<\/p>\n

\"\"
Prime Minister Roosevelt Skerrit addressing the AGM of the AID Bank on Wednesday<\/figcaption><\/figure>\n

Prime Minister Skerrit made it clear that he expects the actions of the AID Bank to be \u201cin sync with government policy\u201d.<\/p>\n

He said he expected the bank to play a role in the ultimate goal of reducing poverty by encouraging private sector growth.<\/p>\n

The prime minister also referred to the need for greater accountability and transparency, while reiterating his advice to borrowers to pay back monies loaned to them by the bank.<\/p>\n

He had some advice for those not willing to do that.<\/p>\n

\u201cIf you have no intention of paying back to the bank, my respectful advice is that you should stay away from the AID Bank altogether,\u201d the prime minister said.<\/p>\n","protected":false},"excerpt":{"rendered":"Dominica\u2019s Agricultural, Industrial Development (AID) Bank made EC$2.3 million in net profit for the financial year ending June 30 2011, according to its chairman Ambrose Sylvester. He said the profit made was almost 50 percent (47.24 percent to be exact),…","protected":false},"author":16,"featured_media":61341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[18],"tags":[],"class_list":["post-61338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"yoast_head":"\n$2.3-million net profit for AID Bank - Dominica News Online<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominicanewsonline.com\/news\/homepage\/news\/business\/2-3-mil-net-profit-for-aid-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$2.3-million net profit for AID Bank - Dominica News Online\" \/>\n<meta property=\"og:description\" content=\"Dominica\u2019s Agricultural, Industrial Development (AID) Bank made EC$2.3 million in net profit for the financial year ending June 30 2011, according to its chairman Ambrose Sylvester. 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