AID Bank performed ‘creditably’- AID Bank Chairman

Chairman of the Agricultural and Industrial Development Bank, Mr Ambrose Sylvester has said that the financial institution has performed creditably during the 2009/2010 fiscal year.

 Mr Sylvester made the statement while addressing the AID Bank’s 18th Annual General Meeting at the Fort Young Hotel on October 25th, 2010.

 

He said that this period marked the first year of the five-year strategic and operational plan of the bank, which was approved in June 2009.

 

Mr Sylvester said that while the bank is now partnering with other financial institutions to cushion the effects of the global financial crisis, they have made tremendous strides in reducing the level of non-performing loans.

 

Honorable Petter Saint Jean who represented the Prime Minister at the AGM, said that the government views the role of the AID Bank as critical in the development of the economy.

 

For the financial year ending June 30th, 2010, total income for the year reached $12.33 million excluding the foreign exchange gain of $0.39 million.

 

This represented approximately 10.72 percent above the comparable figure of $11.14 million recorded and restated for the preceding financial year.

© 2012 SAT Telecommunications Ltd.

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