AID Bank reports decline in nonperforming assets

first_img Sharing is caring! Share Share Share 9 Views   no discussionscenter_img Tweet LocalNews AID Bank reports decline in nonperforming assets by: – November 8, 2011 AID Bank in Goodwill. Image via: Investdominica.comThe Agricultural Industrial and Development Bank (AID Bank) has reporting a steady decline in the level of nonperforming assets at the financial institution.Chairman of the AID Bank Board of Directors Ambrose Sylvester says proactive measures by the bank’s officials have now resulted in a 13% decrease in nonperforming loans.He says the AID Bank is hoping to reduce it by a further 10 percent within the next year.“Over the last 3 or 4 years there has been a steady decline in the level of nonperforming assets which today is now in the region of 13.5%-13.9%, coming from three years ago almost 24%. We have set ourselves a target of 10% within the next year or two. We have made frequent contact with customers, following up with them,” he explained.He explained that a loan only becomes nonperforming with interest in arrears after three months. “So there is a red flag by the second month and you need to follow up with them. There are a number of chronic delinquent customers but those in the more recent times; we try our best to follow up with the clients to ensure that they remain true to their obligations,” he said.Meantime the AID Bank has introduced a new mortgage plan for single persons earning 2,500 dollars or less and couples earning 4 thousand dollars or less.A number of persons stand to benefit from that facility.Dominica Vibes Newslast_img

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