By
MALUM NALU
THE National Development Bank has announced a record
after-tax profit of K9.4 million - after having gone through three
insolvencies.
This compares to a mere K1.5m profit in 2010 - a
record 620% increase in profit in one year. It is the biggest profit the bank has
recorded since 1967.
Among the highlights of 2011 was increasing lending
to women in business from K700, 000 in 2010 to K9m in 2011 - a huge 1,000%
increase.
Board chairman William Lamur told a dinner in Port
Moresby on Monday night that 2011 had certainly been the “defining year for
NDB”.
“We have broken all previous financial and
operational records,” Lamur said.
“We envision one day being the “development bank” of
the Pacific and this is not an unrealistic goal if we get the support of our
government, like we did in the historic NDB budget-funding support in the 2012
budget of K130m.
“We assure you of our plans to fund a number of
high-impact agriculture products this year, increase funding to women by a
further K20m, provide K20m in Stret Pasin
Stoa loans in 2012, and announce a number of new and exciting initiatives
to seriously empower our people to take advantage of the opportunities now
before us, consistent with our Vision 2050 wealth creation aspirations.”
Lamur said 2011 was a very busy and challenging year
for NDB, starting off with the staging of the historical indigenous business summit
in Kokopo.
He also highlighted:
- Lending K53m in 2011 - the highest ever NDB had lent in any one year since its inception in 1967 as the agriculture bank;
- Maintaining arrears over 90 days at less than 1%, a performance not achieved by any previous management or board;
- · Completing new offices at Banz in Jiwaka province and Tari in Hela;
- · Starting rebuilding of new branch offices at Boroko, Wewak and Madang at a cost of K15m;
- · Applying for a microbank license from Bank of PNG;
- · Growing its good loan book from K89m in 2010 to K121m in 2011;
- · Growing net assets from K189m to K228m in 2011; and
- · Increasing lending to women in business from K700, 000 in 2010 to K9m in 2011.
“This is a 1,000%
increase in lending to women entrepreneurs in one year, a feat that we have
never achieved since 1967, and we plan to lend more to women entrepreneurs in
2012,” Lamur said.
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