World Bank Records Profit, Cuts Fee: The...

World Bank Records Profit, Cuts Fee: The World Bank said it met its goal of a $1-billion profit in the latest fiscal year, allowing it to cut a loan fee and resume a suspended aid program for the world’s poorest countries. The Washington-based World Bank said profit for the fiscal year ended June 30 was $1.094 billion. Borrowers will save about $200 million a year under a cut announced in the World Bank’s commitment fee, which is charged to borrowers on the portion of authorized loans they have not yet received, said Ernest Stern, the World Bank’s senior vice president for finance. The bank will resume contributing $100 million of its profit to a program that makes “soft” loans to the very poorest countries, which are generally not able to make interest payments, spokesman Sheldon Rappaport said.