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Bank Of North Dakota Reports Record Profits

Bank_Joe Raedle

BISMARCK, N.D. (AP) — The Bank of North Dakota set a record profit in 2015 for the 12th straight year.

Bank President Eric Hardmeyer told the state Industrial Commission on Thursday that the bank’s net income last year was $130.7 million. That’s up from $111 million in profits in 2014.

The Bank of North Dakota is the nation’s only state-owned bank.

The Bismarck Tribune reports Hardmeyer told the commission that 2016 already is off to a strong start. He says net income for the first quarter of 2016 was at $37.5 million. That’s up from $34.5 million for the first quarter of 2015.

The streak of record profits began in 2004. Profits for that entire year were $34.2 million.

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