SASKATOON, Jan. 10 /CNW/ - For First Nations Bank of Canada ("First
Nations Bank") fiscal year 2010 was a success, marked by strong
financial results and the expansion of the Bank into Inuit territory
with the opening of a full service branch in Iqaluit, Nunavut.
"Our Aboriginal controlled Bank's primary objective is to serve the
financial services needs of Aboriginal people, businesses and
governments," said Keith Martell, Chairman and Chief Executive Officer
of the Bank. "Our Board, Management and Staff are focused on
establishing realistic goals consistent with the objectives of our
Shareholders. As we continue to grow, increase profit and deliver value
to our customers, we prove that we are meeting those goals and are a
sustainable successful venture that our Shareholders can be proud to
"I am pleased that while continuing with our branch expansion and the
transition to our own banking platform, we also delivered an increase
in the financial performance of the Bank," said Mr. Martell.
For the year ended October 31, 2010, loan volumes grew by 21.9% to
$195.3 million, with total assets increasing by 11.0% to $295.8
million. Total deposits grew to $239.9 million, an increase of $22.5
million or 10.4% over prior year.
Net interest income grew by $734 thousand to $7.69 million with other
income increasing by $408 thousand to $2.87 million. This resulted in
net interest and other income increasing to $10.2 million, an
improvement of $1.1 million or 12.1% over prior year. The strong
results offset the year over year increase in non interest expense of
$848 thousand which resulted in income before taxes increasing by 21.4%
to $1.44 million. The increase in non-interest expenses was expected
with the Bank opening its seventh full service branch in Iqaluit,
Nunavut (June 2010). Net income increased by $152 thousand to $958
thousand, an improvement of 18.9% over prior year.
"Bank results for fiscal 2010 are very positive as they continue to
reflect our growing presences in the Aboriginal marketplace," said
Arden Buskell, President and Chief Operating Officer. "The opening of
our branch in Iqaluit is a key highlight in 2010 that underscores our
Bank's goal of addressing the financial services needs of Aboriginal
people across Canada."
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 a network of seven full service branches (three on
reserve), three community banking centres and through all TD Canada
Trust branch and electronic banking channels.
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
For further information:
Keith Martell, Chairman and Chief Executive Officer,
Phone: (306) 955-6734
Arden Buskell, President and Chief Operating Officer,
Phone: (306) 955-6736