SASKATOON, SK, Jan. 17, 2012 /CNW/ - First Nations Bank of Canada
("First Nations Bank") has again delivered strong financial results
through continued focus on serving the financial service needs of the
domestic Aboriginal market.
"For the 14th straight year, our total assets have grown; this year topping $300
million," said Keith Martell, Chairman and Chief Executive Officer of
the First Nations Bank. "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," said Mr. Martell.
"We have grown our deposit and loan volumes, increased our profitability
while at the same time investing in branches, infrastructure and
people" said Mr. Martell. "Steady profitable growth of the Bank and low
loan losses, will continue to drive positive shareholder return."
Net income for the year ended October 31, 2011 increased by $320
thousand to $1.27 million, an improvement of 33.4% over last year. Net
interest and other income increased to $11.5 million, an improvement of
$1.3 million (12.8%) over the prior year while business growth and
expanded branch operations (Iqaluit, Nunavut branch opened in June
2010) increased non-interest expense by $904 thousand.
For the year ended October 31, 2011, loan volumes grew by 10.7% to
$216.1 million, while total assets increased by 8.2% to $311.9 million.
Total deposits grew to $278.8 million, an increase of $38.9 million or
16.2% over prior year.
"Good financial results occur when you have stable, knowledgeable staff
who focus on what our Bank does best, lending to Aboriginal government,
business and individuals," said Arden Buskell, President and Chief
Operating Officer. "As the Bank grows, we are more able to serve our
customers, provide opportunities for our people and drive value for our
About First Nations Bank of Canada:
First Nations Bank of Canada is a domestic, federally chartered bank
with branches in Saskatchewan, Ontario, Manitoba, Yukon, Nunavut and
Quebec, and executive offices in Saskatoon, Saskatchewan. The Bank
offers a full range of personal and business banking services with a
primary focus on Aboriginal customers. First Nations Bank was founded
The Bank's Aboriginal shareholders include groups from Nunavut,
Northwest Territories, Yukon, Saskatchewan, Manitoba and Quebec who
together own 80.1% of the Bank. Our Aboriginal shareholders are
progressive like-minded organizations, culturally and linguistically
diverse and are all respected leaders in their regional economies.
With the support of its Aboriginal shareholders, the Bank has
demonstrated consistent growth and profitability. Bank services are
available through electronic banking and a network of seven full
service branches (three on reserve) and three community banking
The Bank is a member of the Canada Deposit Insurance Corporation, the
Canadian Payments Association and is an approved lender with Canada
Mortgage and Housing Corporation.
SOURCE First Nations Bank of Canada
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