First Nations Bank of Canada has done so well in Nunavut that it plans to open three more branches there this year.
The Iqaluit branch that opened in June 2010 has done “better than expected,” CEO Keith Martell told CBC News. “Our growth in the whole Nunavut territory is taking slightly longer, but still we’re quite pleased with the progress there.”
When the bank reported robust 2011 earnings earlier this week it mentioned the success of the new Iqaluit branch.
The 14-year-old bank, 80 percent aboriginal owned, has been posting double-digit earnings increases in recent years. For the fiscal year ended on October 31, 2011, the bank reported net income of $1.27 million, a 33.4 percent increase over the previous fiscal year, with net interest and other income rising nearly 13 percent, by $1.3 million, reaching $11.5 million.
The bank was founded in 1996 as a joint venture between TD Bank and the Saskatchewan Indian Equity Foundation and specializes in serving aboriginal clientele. It is based in Saskatoon, Saskatchewan.