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For the financial year ended June 30, 2015, despite the challenging external environment the AID Bank boasted of a modest financial performance.

At its Annual General Meeting on March 23, 2016, the Chairman reports that the net profit for the financial year was XCD 2.69 million which was 3.08 per cent less than the restated XCD 2.78 million net profit recorded in 2014. This was the bank’s second largest net profit after the restated figure for the year ended June 30, 2014 which was the largest in the bank’s 44-year history.

Total comprehensive income was XCD 6.12 million for the year under review, after recognizing a revaluation excess for AID Bank’s office building.

For the year in review total loan approvals amounted to XCD 28.92 million representing an increase of 7.43 per cent in comparison to the previous year’s loan approvals of XCD 26.92 million. Approvals for tourism and other productive sector enterprises amounted to XCD 13.29 million or 45.97 per cent of total approvals. Loan approvals for mortgage, student and other categories amounted to XCD 15 million or 54.03 per cent of total approvals.

In April 2015 the bank successfully launched its mega mortgage loan programme with an attractive interest rate of 6.5 per cent resulting in approvals of XCD 7.13 million by June 30, 2015. The year in review was the first of the strategic plan period of 2014 to 2017 and the bank began the implementation of its strategies to transform the institution into a customer centric and premier development financial institution in the Caribbean.

The Chairman stated that “While the goal of the bank is not profit maximization, in order to continue to expand its contribution to the national economy and to maximize stakeholder value, the bank’s operations must be financially sustainable.”

While we are reporting a relatively good year, the Chairman also spoke of internal challenges including liquidity.  He mentioned the need to differentiate the bank’s brand as the only development bank in Dominica.  Efforts are also to be directed to enhance operational efficiencies.

The bank is committed to supporting sustainable, inclusive growth in the economy through its lending to the private sector and specially targeted economic sectors. It is also committed to improving the quality of life of citizens through its social sector lending.

Some specific achievements during the year included the following:

-         Diversifying our financial products by launching three new products which promote entrepreneurship and small business development and contribute towards differentiating the development banking brand in the competitive market place.

-         Engagement of a Risk Officer and introduction of an Enterprise Risk Management Framework.

-         A customer survey by the Internal Audit function and mounting added value towards the evolution of the bank’s operations and attainment of the bank’s overall strategic goals.

-         Attraction of the first unsecured line of credit from the Caribbean Development Bank of $500,000 for Energy Efficiency and Renewable Energy loans for micro and small business enterprises. This line of credit is also in keeping with the bank’s agenda of advancing financial and environmental sustainability.

-         Retrofitting of a 10,000 sq. ft. building for a business process outsourcing operation was completed, increasing employment in the Industrial Estate by 145 persons over the previous year to a total of 918 persons.

-         Appointment of a Human Capital Management Consulting Firm, to conduct an Institutional Strengthening and Capacity Building Consultancy, with the overall objective of enhancing the productivity and performance of employees, and the organizational and operational effectiveness of the AID Bank.

-         Continued parallel testing to replace the main critical systems, which is expected to result in a financial information system which closely meets our needs as a development bank.

-         Building partnerships with the private sector in the corporate responsibility program and improving its alignment with the strategic objectives of the bank.

-         Reaffirmation of the bank’s BBB- credit rating from CariCRIS.

The Chairman ended with the promise that the bank has taken steps to address the question of providing quality customer service through the introduction of an appointment service and enhancement of its customer loan check-lists. The bank is sharpening its focus to deliver more to its customers in a more reasonable time-frame.

The AID Bank intends always to be the development bank of choice as it is here to influence economic development. The bank’s agenda continued to be informed by government policies and strategies and by its growing partnerships with government ministries for specific sectors served. The bank has much to contribute towards achieving national goals and is making progress in becoming a more effective institution, more strategic and results focused with the aim of realizing greater impact on development. 

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