The Fiji Development Bank recorded a net profit of $3.83million in 2023, states its annual report that was tabled in Parliament on Monday.
The bank said its overall financial performance of Fiji Development Bank in 2023 has been commendable, reflecting the bank’s strong commitment to its objective of promoting sustainable economic development in Fiji.
“Despite the challenging global economic landscape, the bank has demonstrated resilience and achieved significant milestones throughout the year,” states the report.
“A net profit of $3.83m was recorded during the year, an increase of 114 per cent from the previous year.
“The positive results can be attributed to prudent risk and financial management practices, effective utilisation of resources and the collective effort of our employees.
“Overall, the bank’s financial performance in 2023 showcases its sound financial health and its pivotal role in fostering economic growth and prosperity in the nation.”
In 2023, FDB disbursed $46.10m in loans, benefiting around 2499 customers with a special focus on gender and social inclusiveness.
“Even though the economy is in its post-Covid recovery phase, I am happy to advise that with the collaborative efforts between the FDB team and its key stakeholders, it had recorded more than double year on year growth on net profit, 112 per cent which is an increase from $1.78m to $3.78m in this financial year,” said chairman, Damend Gounder.
“The positive achievements of the bank within this financial year have been mainly driven by de-risking of our portfolio with stronger focus on Agriculture, MSME and the SME sectors, emphasis on control and management of non-performing loan portfolio, provision of innovative financial solutions under the Agriculture Value Chain Concept and off course its digital transformations.”
