First Nations Bank of Canada reported growth in loans, deposits and earnings in its third quarter report.

“The Bank has enjoyed double digit growth in loans and deposits for a number of years with that growth reflected in the Bank’s strong performance in net earnings over the first nine months of fiscal 2006,” said Arden Buskell, the bank’s president and CEO. “The increased profit is a result of steady profitable growth and the benefits of achieving greater scale in our existing markets.”

Results for the year to date include growth in net interest and other income, while maintaining non-interest expenses at a level comparable to the prior year. Loan losses remain low despite the significant growth in assets.

For the nine-month period ending July 31, 2006, loan volumes grew by 29.0% to $127.3 million with total assets reaching $180.6 million. Deposit volume increased by 14.3% to $126.2 million. Net income before income taxes was up sharply, increasing 280% to $1.4 million.

“These positive results reaffirm our view that there are opportunities to better serve the financial services needs of Aboriginal Canadians. Our specialization in serving this market is positive for both our customers and our shareholders. As we approach our ten-year anniversary, we are seeking new sources of capital and have plans for expansion into new markets,” said Keith Martell, Chair of the Board.