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ND State Bank-Profits

ND State Bank-Profits
Bank of North Dakota sees another year of record profits
The Associated Press - May 3, 2017

BISMARCK, N.D. - The state-owned Bank of North Dakota saw another year of record profits.

The Bismarck Tribune  reports that profits for the country's only state-owned bank totaled $136.2 million for 2016. Bank president Eric Hardmeyer says the 2015 high was $130.7 million.

Some of the money may go to help balance the state's budget, which experienced a budget shortfall of about $1.4 billion. Prior to this year's Legislative session, up to $100 million was requested to be turned over to the state to help balance the budget. It would be the first time since 2007 that profits would be utilized in that manner.

Hardmeyer says the bank is in a strong position and not concerned about the use of the profits.

This is the third consecutive year the bank had more than $100 million in profits.



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