The Bank of North Dakota (BND) has published its 2024 annual report, titled “Breaking the Barrier,” presenting two significant multi-state agency initiatives launched last year. The report was submitted to the Industrial Commission.
One initiative, SmartWIthMyMoney.nd.gov, is a financial literacy campaign supported by 12 state agencies. It aims to elevate North Dakota’s financial literacy grade from a C to making it the most financially literate state in the U.S. by 2027. As of December 31, 2024, the initiative saw over 111,000 visits to its website and established 3,248 accounts.
In response to scrutiny over agricultural and fossil fuel practices, BND developed STAND (Sustain, Transform, Authenticate North Dakota), an initiative that educates consumers on North Dakota’s progressive practices. This was in line with directives from the 2023 Legislative Assembly. A group of 27 individuals from various sectors contributed to STAND’s first report released in July. More information is available at stand.nd.gov.
Financially, BND concluded 2024 with assets totaling $10.8 billion—a rise of 6.8% compared to the previous year—and a net income of $200.4 million, up from $192.7 million in 2023. The bank achieved a return on investment of 15.8%, with a total return to the state amounting to $335 million. Standard & Poor’s maintained BND’s rating as A+/Stable for the year.
“Bank of North Dakota’s foremost responsibility is managing risk on behalf of the state’s residents,” stated members of the Commission in a joint statement. The Commission includes Gov. Kelly Armstrong as chairman, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring.
BND significantly impacted local residents through its loan portfolio by originating and renewing 8,726 loans totaling more than $2.1 billion—setting a new record for BND’s lending portfolio at $6.1 billion. These loans were distributed through various financial institutions across their branches.
Additionally, BND oversees over $1.1 billion in legislature-directed loan programs for school construction, infrastructure projects and disaster recovery efforts—aimed at reducing local taxes by offering lower interest rates than typical market negotiations.
“BND is committed to protecting the state’s deposits while providing a healthy return,” stated Don Morgan, BND president.
The complete annual report can be accessed at www.bnd.nd.gov.
