At its 21st Annual General Meeting of Shareholders held Thursday at the St. Alphonsus Parish Hall in Goodwill, the National Bank of Dominica Ltd. (NBD) announced a robust financial performance for the 2023–2024 fiscal year spanning July 1, 2023, to June 30, 2024. NBD Board Chairperson Urania Williams revealed the leading Dominican financial institution recorded an 18 million Eastern Caribbean dollar net profit for the period, a result that leadership framed as a major milestone amid challenging market conditions.
In the bank’s newly released annual report, NBD provided a full transparent accounting of its outcomes and activities delivered to its core stakeholders: shareholders, employees, customers and the local Dominican community. Williams noted that the bank built on the solid foundational growth cultivated in preceding years to advance a broad organizational transformation initiative, all while navigating an increasingly complex and highly competitive regional financial ecosystem.
“Our strategy remained anchored in five core pillars: strengthening overall financial performance, elevating end-to-end customer experience, enhancing enterprise-wide operational excellence, deepening governance and compliance maturity, and investing in our people and organizational culture,” Williams explained during the meeting. She added that the structure of the 2023–2024 annual report is fully aligned with the institution’s annual performance plan for the fiscal year, ensuring clear connection between core strategic goals, on-the-ground execution, and stakeholder accountability across both sustained finance and market performance initiatives.
Williams emphasized that hitting the XCD $18 million net profit target is no small achievement, crediting the strong result to the bank’s clear long-term vision, consistent disciplined execution, and its skilled, dedicated team. She noted that strategic decisions implemented in prior years created the stable foundation required for this outcome, and have positioned NBD to deliver even stronger returns in the upcoming 2024–2025 fiscal cycle.
Key strategic initiatives that drove year-over-year revenue growth centered on expanding income from new and existing product and service lines, most notably new card-based financial offerings, including full credit card services powered by the FISERV digital platform. Williams pointed out that these expansions directly align with the bank’s core priority of diversifying revenue streams to match shifting consumer and business demands across Dominica.
Improving overall loan portfolio asset quality remains a top organizational priority for NBD, Williams confirmed. The bank has rolled out a series of targeted measures to reduce its share of non-performing loans (NPLs), with the explicit goal of bringing the NPL ratio in line with the institution’s long-term strategic target. These actions include the sale of impaired debt portfolios to external third-party collection agencies, the launch of a standardized early delinquency notification system, and the creation of formal protocols to proactively move high-risk vulnerable accounts to the bank’s in-house Recoveries Unit for accelerated intervention.
Williams noted that these combined efforts have reinforced NBD’s longstanding commitment to prudent, risk-aware credit management, reduced the bank’s overall credit risk exposure, and strengthened the long-term sustainability of its entire loan portfolio.
As the largest leading financial institution in Dominica, NBD reported total consolidated assets of XCD $1.77 billion, equal to roughly USD $655.9 million, as of the June 30, 2024 end of the fiscal year. Founded in 1978, the bank has centered its mission on empowering individual consumers, local businesses, and community groups across the island. It has also earned formal recognition from the Eastern Caribbean Central Bank (ECCB) for its standout work as a responsible corporate citizen. For the 2022–2023 fiscal year, NBD reported a net profit of more than XCD $11 million, marking a more than 63% year-over-year increase in net profit for the 2023–2024 period.