BISMARCK, N.D. (AP) — The state-owned Bank of North Dakota in 2017 recorded its 14th consecutive year of record profits.
The bank’s annual report to the state Industrial Commission lists $145.3 million in net earnings, up from $136.2 million in 2016.
Total assets decreased slightly from $7.3 billion in 2016 to $7 billion. The bank ended the year with $825 million in capital. The state’s return on its investment at the bank was 17 percent.
The bank’s lending portfolio grew by $120 million, with growth in the business, residential and student loan areas.
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The Bank of North Dakota is the only state-owned bank in the nation.