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Bank of North Dakota reports record profits in 2023 – InForum

BISMARCK – The country’s only state-owned bank is doing well, according to its 2023 annual report released Tuesday.

Bank of North Dakota's (BND) earnings increased by $1.5 million over 2022, reaching a record $192.7 million overall, representing a return on assets of 18.2%. The bank's year-end assets were flat with the previous year at $10.1 billion.

BND also reported a record loan portfolio of $5.8 billion in 2023. The bank originated and renewed 10,734 loans valued at more than $2.5 billion, increasing its portfolio by $394 million from 2022.

The bank's Livestock Rebuilders Loan helped ranchers replace approximately 16,000 head of cattle lost in the state due to the 2021 drought.

According to the report, the BND's profits are used to finance loans from other financial institutions and disaster relief programs, as well as for statutory lending programs and capital transfers to the general fund. Any excess profits are retained and used for capital formation.

Standard & Poor's (S&P) confirmed the bank's credit rating of A+/stable in its annual report published towards the end of 2023.

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Anna Harden

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