The Business Development Bank of Canada, which has a presence in Vernon, has reported its fiscal 2016 results.
In total, BDC committed $4.8 billion in loans to its financing clients for the period ending March 31, up from $4.7 billion last year. BDC’s total portfolio now stands at $26 billion committed to more than 42,000 direct and indirect clients.
The bank earned $537.7 million in net income, up from $490.7 million in fiscal 2015. As a result, it will pay a dividend of $68.6 million to the federal government. Profits generated during fiscal 2016 will be reinvested in the bank’s operations, allowing the bank to support a greater number of entrepreneurs in the years to come.
“As Canada’s only bank devoted exclusively to entrepreneurs, we’re proud of our success in supporting entrepreneurs in building strong and competitive businesses,” said Michael Denham, president.
“It is great to see that BDC’s unique combination of loans, investments and advisory services is making a tangible difference to the growth of small and medium-sized businesses across Canada. In fiscal 2016, we also continued to work closely with partners in the entrepreneurship ecosystem, to provide more capital and more relevant advice to business owners.”
For the period ending March 31, nearly 20 per cent of all BDC financing transactions were completed in collaboration with private sector institutions and partners.
Key highlights for fiscal 2016, BDC opened 12 new business centres across Canada, including in Vernon.