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Associated Press, Published April 19 2012

State-owned Bank of ND makes record $70 million profit

BISMARCK — The state-owned Bank of North Dakota set a record last year with $70.3 million in profits.

The bank's annual report says it's the eighth straight year the state-owned bank has set an income record.

The report was made public Thursday. The Bank of North Dakota had almost $62 million in profits in 2010.

The bank's assets are now $5.3 billion, which is more than 30 percent higher than the previous year.

Gov. Jack Dalrymple says North Dakota's thriving economy has made it possible for the bank to expand its loan portfolio. The bank has more than $3 billion in loans on its books.

Some of the bank's new loans were made to flood-stricken Minot homeowners at very low interest rates.

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