NBD’s net profit for 2023–2024 signals strong financial performance, says chairman

Chairperson of the Board of the National Bank of Dominica Ltd. (NBD) Urania Williams has announced in a report that the Bank achieved a net profit of XCD $18 million for the financial year 2023-2024.

With the NBD holding its 21st Annual General Meeting (AGM) of Shareholders at the St. Alphonsus Parish Hall, Goodwill on Thursday, the Bank’s leadership has indicated that the financial year of 2024 was a favorable one for the institution.

In the pages of this year’s annual report the Bank provided a comprehensive account on how NBD delivered in the financial year July 1, 2023, to June 30, 2024, to its shareholders, employees, customers and community.

According to Williams, the company continued to build on the strong foundation established in prior years, advancing a program of transformation while navigating an increasingly complex and competitive financial landscape.

“Our strategy remained anchored in strengthening financial performance, elevating customer experience, enhancing operational excellence, deepening governance and compliance maturity, and investing in our people and culture,” she stated.

She continued, “The structure and priorities of this report reflect the Bank’s Annual Performance Plan financial year 2023–2024, ensuring full alignment between strategy, execution, and accountability, Sustained Finance, and Market Performance. NBD made meaningful progress in advancing its financial and market performance objectives for the year. Achieving a net profit of XCD $18M is no easy feat. This is the result of clear vision, relentless execution and an exceptional team.”

Williams asserted that the decisions made in prior years laid a strong foundation for this outcome and position NBD for even greater returns in the next financial year.

“Strategic initiatives focused on increasing revenues from products and services, particularly new card-related offerings, such as credit card services enabled by the FISERV platform, supported year-on-year revenue growth,” Williams emphasized. “These efforts reflected the Bank’s priority to diversify income channels in line with evolving customer needs.”

Williams emphasized that improving asset quality continues to be a key priority for the company. She also noted that the bank is actively implementing plans to reduce its level of non-performing loans (NPLs), with the goal of bringing the ratio closer to its strategic target.

“This included the sale of impaired debts to a third-party agency, the implementation of a delinquency notice system, and the development of protocols for proactive transfer of potentially vulnerable accounts to the Recoveries Unit,” Williams revealed. “Together, these efforts reinforced NBD’s commitment to prudent credit management, reduced credit risk exposure, and strengthened portfolio sustainability.”

National Bank of Dominica Ltd. (NBD) is Dominica’s leading financial institution, reporting assets totaling XCD $1.77 billion (USD $655.9 Million) as of June 30, 2024.

Since opening its doors in 1978, the Bank says it has dedicated itself to empowering individuals, businesses, and communities, earning recognition from the Eastern Caribbean Central Bank (ECCB) for its outstanding role as a corporate citizen.

For the previous year, the organization reported a net profit of over XCD $11M.