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SASKATOON, April 25 – First Nations Bank of Canada (“First Nations Bank”) announced first quarter results that show strong earnings and continued growth.
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: visit: www.firstnationsbank.com or contact; Arden Buskell, President and Chief Operating Officer, Phone: (306) 955-6736, E-Mail: firstname.lastname@example.org; Keith Martell, Chair of the Board, Phone: (306) 955-6734, E-Mail: email@example.com
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