MONTREAL, Sept. 10, 2024 /CNW/ - The Business Development Bank of Canada (BDC), the bank for Canadian entrepreneurs, published its fiscal 2024 Annual Report and Sustainability Report, which showcase how the bank is helping more entrepreneurs from all backgrounds and regions than ever before:
- record number of entrepreneurs (106,475 clients vs. 100,716 in F23) and highest number of loans in its 80-year history, even higher than during the pandemic
- the most women and Indigenous entrepreneurs served, with jumps of 11% and 22%, respectively, compared to last year
- an 11% increase in financing to higher-risk businesses compared to F23 (businesses with an S&P rating lower than BB+)
- reduced the carbon footprint of its operations by 39% since 2020, with 11 Business Centres now LEED™ certified
- posted a core net income of $411.5 million, a 68% increase, and declared a dividend of $337 million to its Shareholder, the Government of Canada
As BDC prepares to celebrate its 80th anniversary, it continues a decades-long commitment to its core mission of creating positive impacts upon the Canadian economy. BDC's services will add an estimated $23.6 billion in GDP to Canada's economy over the next five years, while supporting 37,700 jobs. BDC's clients employ 1.2 million Canadians, roughly 7% of the country's active workforce, and the annual revenue of these clients is $435 billion.
"BDC's growth this past fiscal year mirrors the bank's progression over the past four years, during which the number of clients served increased by 46%, the number of women-led businesses increased by 28%, and the number of Indigenous businesses increased by 48%," said Isabelle Hudon, President and CEO, BDC.
"This tremendous growth is core to our mission, to do more where it matters, and is underpinned by BDC's financial self-sustainability—providing our services at no cost to the taxpayer," continued Ms. Hudon. "Our rigorous financial approach led to a net revenue of $2.2 billion and allowed us to pay a dividend of $337 million to our Shareholder, the Government of Canada."
This year's Sustainability Report reinforces BDC's commitment to sustainability both inside and outside the organization. The bank has reduced the carbon footprint of its operations by 39%, compared to 2020, and 11 BDC Business Centres are now Leadership in Energy and Environmental Design (LEED™) certified. For entrepreneurs, the bank launched a diversity, equity and inclusion (DEI) Toolkit, with practical guidelines and templates, and developed a free, online greenhouse gas calculator tailored to SMEs.
¨We believe economic success and sustainability go hand in hand," said Sandra Odendahl, SVP and Head, Sustainability, Diversity and Social Impact. "Our clients are increasingly aware of the need to address social and environmental challenges, but they often lack the necessary resources or expertise. BDC is here to provide the support they need, because when entrepreneurs succeed, they create jobs, drive innovation, and make a positive impact on Canada's economy."
As part of BDC's mandate, it remains committed to being financially self-sustaining, providing its services at no cost to the taxpayer. Owing to the strong fiscal performance in F24, the bank declared a dividend of $337 million to its Shareholder, the Government of Canada, for the 2024 fiscal year.
Financially, BDC delivered positive results while continuing to take on more risk compared to other financial institutions. Despite a challenging climate for lenders, BDC's core net income reached $411.5 million, a 68% increase.
BDC's mission is to support Canadian entrepreneurs to build strong and resilient businesses and, in doing so, contribute to creating a more prosperous, competitive and inclusive Canada. Its corporate values - United for Entrepreneurs, Powered by People, and Courageously Impactful - are the building blocks of BDC's corporate DNA. These values connect what the organization stands for to how it delivers on its mandate and corporate strategy.
About BDC: 80 years as Canada's bank for entrepreneurs
BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the most innovative firms. BDC's development role means we are in a state of perpetual evolution – wherever entrepreneurs go and whatever the Canadian economy needs – we will be there to help them defy the odds. 80 years later, that commitment remains very much alive. The financial value of BDC's services is estimated to add $23.6 billion in GDP to Canada's economy over the next five years. We are one of Canada's Top 100 Employers and Canada's Best Diversity Employers and the first financial institution in Canada to receive the B Corp certification in 2013. For more information on our products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.
SOURCE Business Development Bank of Canada
For more information, contact: Phil Taylor, BDC Communications, E-mail: [email protected] / Mobile: 1-343-961-4859
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