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Published April 17, 2009, 07:42 AM

Bank of North Dakota posts $57 million profit

The Bank of North Dakota posted a $57 million profit last year. It’s the sixth straight year of record earnings for the state-owned bank. Bank President Eric Hardmeyer presented its annual report to the state Industrial Commission on Thursday. The commission is the bank’s board of directors.

BISMARCK (AP) — The Bank of North Dakota posted a $57 million profit last year. It’s the sixth straight year of record earnings for the state-owned bank.

Bank President Eric Hardmeyer presented its annual report to the state Industrial Commission on Thursday. The commission is the bank’s board of directors.

The bank made a profit of $51.1 million in 2007. The new report shows an 11.5 percent increase.

Hardmeyer said the bank had loan growth of 31 percent last year. He said it’s a remarkable number given recent economic turmoil.

The bank’s assets grew 27 percent. It had $3.51 billion in assets at the end of last year.

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