First Nations Bank of Canada had a banner year in 2011, increasing net income by 33.4 percent and expanding the branch that it had opened in Iqaluit, Nunavut, in June 2010, the institution announced on Tuesday.
“For the fourteenth straight year, our total assets have grown, this year topping $300 million,” Chairman and Chief Executive Officer Keith Martell said in a statement on January 17. “Growth is coming from both our long-standing and our newly established branches, including our newest branch in Iqaluit, Nunavut. Our branch in Iqaluit has displayed in its first full year of operations the kind of growth that we expected from that market.”
The fiscal year ending October 31, 2011, saw net income increase by $320,000, to $1.27 million, the bank said. Net interest and other income rose $1.3 million, to $11.5 million, or nearly 13 percent, over the previous year. Non-interest expense associated with business growth and the new operations in Iqaluit rose by $904,000.
Loan volumes grew to $216.1 million, an increase of nearly 11 percent, and total assets grew by 8.2 percent to $312 million, the institution said. Total deposits increased by $39 million, reaching $278.8 million, or 16.2 percent higher than the previous fiscal year. Such results were stellar given that last year’s also represented double-digit percent increases.
First Nations Bank of Canada, headquartered in Saskatoon, Saskatchewan, is Canada’s only bank that’s majority-owned by aboriginals. With branches in Saskatchewan, Ontario, Manitoba, Yukon, Nunavut and Quebec, the bank focuses on aboriginal clientele for its personal and business banking services. It was founded in 1996 as a joint venture with TD Bank. About 80 percent of the bank is owned by aboriginal groups in Nunavut, Northwest Territories, Yukon, Saskatchewan, Manitoba and Quebec who together own 80 percent of the bank.
“Our aboriginal shareholders are progressive like-minded organizations, culturally and linguistically diverse and are all respected leaders in their regional economies,” the bank said.