The First Nations Bank of Canada is looking to open three more banking operations in Nunavut by the end of the year.

Its Iqaluit branch opened in June 2010 and business is "better than expected," according to Keith Martell, the bank's chief executive officer.

"Our growth in the whole Nunavut territory is taking slightly longer, but still we’re quite pleased with the progress there," he said.

The bank’s net income for the year ended Oct. 31, 2011, increased by 33.4 per cent over the previous year  to $1.27 million. First Nations Bank is about 80 per cent owned by aboriginal organizations, and TD Bank owns the remaining shares.

The bank’s move into the territory was part of a commitment made to Atuqtuarvik Corporation, a shareholder based in Nunavut. The bank committed to opening a hub branch that would serve as the bank’s service centre for Nunavut. It also committed to opening three additional banking operations in the territory.

"We anticipate by late this fiscal year that we're going to be in a position to start identifying specifically which communities and getting operations up and running in those places," said Martell.

The bank has a total of seven full-service branches in Saskatchewan, Ontario, Manitoba, Yukon, Nunavut and Quebec.