NDB achieved an active loan book of K122m and an arrears rate below 1%
NDB formally lodged the application for a banking license at the Bank of Papua New Guinea.
Received K41 million in DSIP funding. It is the highest funding since 2004 with K20 million specially to establish the proposed NDB Microbank to allow NDB to mobilise savings and offer other retail banking products and services.
NDB lent K48 million. The highest since 2004 when the current Board and Management took over NDB.
NDB reported an after tax profit of K1,538,617 and net assets rose toK198,985,950.
NDB completed the audit of its financial statements from 2002 to 2008 and presented the annual reports to the parliament.
NDB completed the Accounting integration project
Received K20 million in NADP funding. Its first since the NADP launch in 2008.
In August 2009 the NDB completed the revaluation of all out real estate assets.
The NDB closed out the Kundiawa, Mendi and Wabag offices and planned to open a new office in Tari in 2010
Reported an after tax profit of K1,665,557 and net assets rose to K142,461,600 the year ended 31st December 2009.
The NDB successfully completed the 5 year rehabilitation Program.
Implement the new MIS system
The Prime Minister launched the NDB at the Laiwaden Oval in Madang in June 2007
NDB completed its lending manual
NDB purchased the new MIS system Abacus to replace the obsolete Wang System.
In 2004 the former Rural Development Bank Limited became insolvent for the third time since its establishment in 1967. In the first week of June 2004 the government replaced the Board and the Managing Director and appointed a new board under Masket Iangalio as chairman and Richard Maru as the Managing Director and directed the new Board and Management to stabilize the financial position of NDB. An aggressive loan recovery drive was used to pay a 7 million debt by December 2004 so effectively that the threat of insolvency was abated. In 2004, the Government took the decision to rehabilitate rather than wind up the operations of RDB after considering the full investigation report by PwC and strategic options put to the Government. The Government provided 5 million to assist the rehabilitation cost.