The Business Development Bank of Canada reported $1.04 billion in net income for the year ended March 31, up from $402 million a year earlier, and returned a $75-million dividend to its shareholder, the federal government. The Crown corporation provided $11.6 billion in new financing and investments to Canadian businesses, while its total portfolio grew 3.6 per cent to $50 billion. (The Logic)

Talking point: BDC’s venture capital business swung to a $218-million profit from a $58-million loss a year earlier, driven largely by a sharp rebound in the value of its investments. Those investments gained about $402 million in value on paper during the year, after declining by $99 million the previous year. BDC said the increase was mainly driven by the rising valuations of its direct investments in AI, quantum computing and other advanced technologies. The gains were partly offset by about $71 million in net investment losses, largely from write-offs. Overall, BDC’s venture portfolio was valued at $3.68 billion at year-end, up from $3.22 billion a year earlier. BDC expects venture market conditions to continue improving this year.

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