SASKATOON, April 25 /CNW/ - First Nations Bank of Canada ("First Nations
Bank") announced first quarter results that show strong earnings and continued
For the first quarter ended January 31, 2007, income before taxes
increased 185% to $658 thousand and net income increased 110% year over year
to $453 thousand. Strong loan growth and improved interest margins drove the
increase in net interest income. Low loan losses and level non-interest
expense all contributed to the Bank's strong income performance.
Total assets grew marginally by 1.9% to $170.2 million. Loan volumes
increased 12.2% to $130.0 million. Loan growth is attributed to a growing
mortgage and commercial lending portfolio in the Bank's core markets.
"Bottom line earnings are strong, which was not unexpected given our
growing loan portfolio and improving margins," said Arden Buskell, President
and Chief Operating Officer. "We continue to identify strong growth
opportunities in our existing and developing markets."
First Nations Bank is in its tenth year of operations and will be opening
its fifth branch in Whitehorse, Yukon in June. The Bank is also in the process
of raising new Aboriginal capital that will expand the number of Aboriginal
shareholders and provide additional capital to expand into new markets.
"The new capital will result in the Bank being controlled by a group of
like-minded Aboriginal shareholders," said Keith Martell, Chair of the Board
of Directors. "Our focus is serving the financial services needs of Aboriginal
people, businesses, communities and governments."
About First Nations Bank of Canada:
First Nations Bank of Canada is a domestic, federally chartered bank with
branches in Saskatchewan, Ontario, Manitoba and Quebec and executive offices
in Saskatoon, Saskatchewan. It offers a full range of personal and business
banking services with a primary focus on Aboriginal customers.
First Nations Bank was founded in 1996 as a strategic alliance of the
Saskatchewan Indian Equity Foundation Inc., the Federation of Saskatchewan
Indians, Inc. and The Toronto-Dominion Bank. Services are available through
its network of branches and community banking centres and through all TD
Canada Trust branch and electronic banking channels.
The Bank was established to service the Aboriginal market. The Bank's
vision is to be a national leading Aboriginal financial institution recognized
and respected in the Economy.
First Nations Bank is the first Canadian bank with exclusive Aboriginal
common share ownership. In addition to the founding shareholders, Aboriginal
groups from the Yukon, Saskatchewan, Manitoba and Quebec have become
shareholders of First Nations Bank. The Bank's intent is to attract additional
Aboriginal investors from across Canada to achieve its goal in establishing a
bank controlled by a widely held group of Aboriginal shareholders.
For further information:
For further information: visit: www.firstnationsbank.com or contact;
Arden Buskell, President and Chief Operating Officer, Phone: (306) 955-6736,
E-Mail: email@example.com; Keith Martell, Chair of the Board, Phone:
(306) 955-6734, E-Mail: firstname.lastname@example.org