The Business Development Bank of Canada posted a four per cent return on equity in fiscal 2024, which ended on March 31, below the 6.2 per cent it had anticipated. The bank—a federal Crown corporation—attributed the shortfall to a drop in the value of its venture capital portfolio and a higher level of provisions for potential bad debts. (The Logic)

Talking point: BDC cited “uncertain market conditions” for declines in its VC portfolio, which lost $220 million in value to end the year with about $2.9 billion in assets. Still, the bank brought in $15 million more in VC revenue than planned by selling some assets in the portfolio. Despite the rocky VC market, which BDC expects to persist through this year, the bank reported $411.5 million in core net income for 2024, up 68 per cent year over year, and paid a $337 million dividend to its shareholder—the federal government. It also said it issued a record number of loans to entrepreneurs, with clients accepting $10.8 billion in credit last year.