Net worth of commercial banks in Fiji was $13.1 billion, registering a quarterly growth of 0.5 per cent (or $66.7m) and an annual growth of 8.2 per cent (or $995.6m).
The Reserve Bank of Fiji (RBF) attributed the quarterly growth to increases in net loans by $154 million, SRD (Statutory Reserve Deposits) by 13.4 million and fixed assets by 15.4 million.
“These were partly offset by the decreases in cash (by $55m), deposits with banks and at call (by $25.5m), investment by $16.6m, ESA (Exchange Settlement Accounts) by $12.7m and other assets by $5.8m,” RBF said in its June 2023 Quarterly Review released this week.
Commercial banks’ total deposits fell by 0.1 per cent (or $8.3m) to $10.2billion, attributed to the decrease in demand and savings deposits while time deposits grew during the quarter.
Growth in commercial bank lending was driven largely by loans to public enterprises, private sector business entities, private individuals, and non-residents.
During the quarter, commercial banks made a combined after tax profit of $74.4m for the quarter ended March, 2023, up from $54.3m reported during the same period last year.
