FDB’s 2019 lending portfolio grew by 10.82%

The Fiji Development Bank’s (FDB) lending portfolio grew to $ 539.75 million at the end of the June 30, 2019 Financial Year.

It was an increase of $52.70 million or 10.82 per cent from the previous year.

Past present FDB board chair Robert Lyon, highlighted this in the FDB 2019 Annual Report released yesterday.

Major driver

Mr Lyon noted that the major driver of this increase were disbursements of $112.94 million.

The loan portfolio represents customer base of 5,149 accounts.

The Bank achieved a net profit of $4.07 million.

“Despite increased revenue, the bank also experienced rising funding, staff and operational costs and increased allowance for expected credit losses.

“More widely, the bank continued to experience tightened funding availability and higher funding costs that it expects to continue into the near term.

“These factors will be managed a through smarter strategies to maintain the bank’s financial sustainability.

He stated that the report documents the bank’s journey with a focus on financial literacy initiatives, which is a multi-dimensional tool delivering whole-of-life and loan outcomes.

“It reflects not only financial knowledge but also skills, attitudes, and actual behaviour of our customers, which, if applied effectively, leads to a strong foundation for the financial wellbeing of individuals, projects and businesses.”

He noted that the board commended the executive management and staff for their continued efforts and commitments throughout the financial year and in their endeavour to strengthen FDB’s role: a direct contributor nomic growth,

■creatio■ of employment,

■a■d a community that is financially informed,

■thus empowered to sustain development for future generations.

Mr Lyon highlighted:

to eco

The Government’s continued collaboration with FDB and the Bank’s engagement with its public and private sector stakeholders have collectively contributed favourably with regard to the quality of projects and businesses financed during the year.

Mr Lyon also thanked the Fijian Government for the support given to him during his tenure as board chair and the bank.

“It is a much larger, stronger and more complex business than it was in 2010 and hopefully we have contributed to the significant growth in Fiji’s economy over the last decade.”