May 16, 2019.
The Bank of North Dakota has released its 2018 annual report, in which it announces its 15th consecutive year of record profits with $159 million in net earnings. The state’s return on investment at the Bank was a dramatic 18 percent. Its consistent success in the face of an oil bust that has crippled most oil states shows that the BND’s success is not, as critics contend, “all about oil.” Its stellar record stands on its own and attests to a more efficient business model than its private competitors.
The report contains important details for public banking advocates. BND’s press release states:
“The report’s theme, ‘ROI,’ highlights the Bank’s returns to the state in its first 99 years. Since the initial investment of $2 million in 1919, BND has returned more than $1 billion to the state through the general fund, infrastructure, disaster relief and other special programs. That doesn’t account for the thousands of North Dakota residents who have benefited from its agricultural, business, home and student loans.
“‘Throughout its history, the Bank has identified and played a key role in solving the funding needs of the state,’ said Gov. Doug Burgum.”