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The North Dakota Industrial Commission authorized the Bank of North Dakota (BND) to extend two loan programs that will assist livestock producers impacted by drought during their June 28, 2018 meeting.

The state-owned Bank of North Dakota recorded its 14th consecutive year of record profits in 2017, with $145.3 million in net earnings, the Bank reported today in its annual report to the state Industrial Commission.

Standard & Poor’s (S&P) affirmed Bank of North Dakota’s (BND) credit rating as “A+” and “A-1” for long-term and short-term credit respectively in its annual review released Nov. 7, 2017.

The North Dakota Industrial Commission authorized the Bank of North Dakota (BND) to offer two new loan programs that will assist livestock producers impacted by drought during a special meeting held on Sept 13.

Enhancing business diversification efforts and addressing financing gaps in economic development programming were key issues identified in a series of 40 meetings with business and finance leaders, economic development professionals and elected officials across the state in 2016. The outcome of these meetings combined with additional research by the Bank of North Dakota (BND) resulted in a recommendation to the Industrial Commission to enhance four existing BND programs and to implement a new program to assist fast growing companies in North Dakota.

In its 2016 Annual Report, Bank of North Dakota (BND) reported its 13th consecutive year of record profits, with $136.2 million in net earnings. Total assets decreased slightly from $7.4 billion in 2015 to $7.3 billion in 2016. BND ended the year with capital of $876 million. The state’s return on its investment at the Bank was a healthy 16.6 percent.