$8.52 million profit

ONE of the major financial institutions has made a significant improvement for the 2018 financial year recording more than $8 million in profit before tax.

This was mentioned by the Merchant Finance Ltd (MFL) chairman Sanjit Patel in their 2018 annual report.

“The year was a very challenging one however the company recorded $8.52m in profit before tax, an increase of 74 per cent in comparison to $4.90m in the previous year,” he said.

“The improved performance is a result of the ongoing changes, continuous improvements and efforts to become more customer driven, simple and efficient financial institution.

“This was driven by the board with a new management team and a highly dedicated staffing complement who truly excelled under these changes.”

He said the year had begun with a significant number of changes from an organisation restructure business refocus, market rebranding, new divisions and improved technology to better serve their customers and stakeholders.

“In spite of strong competition, high banking system, liquidity and unfavourable weather conditions being our key challenges during the year, the company recorded improved profit and maintained its capital adequacy ratio well above the minimum requirement for licensed credit institutions and met all prudential requirements set by the Reserve Bank of Fiji.

“The MFL board continues to emphasise on the importance of RBF compliance requirements and tight management strategies that need to be in place while steering the company forward.”

Mr Patel said with the consumer preference continuing to change, it was important for financial institutions to continue to evolve to meet and or exceed customer expectations.

“In line with our vision to be most preferred provider of financial services, our customers’ credit rating is vital to our business,” he said.

There are also plans to include a number of ongoing changes in the new financial year.

According to Mr Patel MFL would continue to place emphasis on quality of loans and not quantity thus allowing it to build strong customer relationship.

“We are also planning to conduct aggressive marketing awareness, to the untapped market of customers, to raise financial literacy and availability of financial assistance with our products.”

He added the board had approved a large investment in information technology for the company.