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The Fiji Development Bank(FDB) recorded a net profit of $3.83 million in 2023, according to its annual report that was tabled in Parliament.
The result reflects the bank’s strong commitment to promoting sustainable economic development in Fiji.
The report highlighted that despite the challenging global economic landscape, the bank has demonstrated resilience and achieved significant milestones throughout the year.
The FDB Chairman Damend Gounder stated “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 utilization 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
“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.” Gounder added.
The FDB CEO Saud A Minam GAICD, stated that behind every statistic in the annual report lies a story of resilience, opportunity, and human potential.
“At FDB, we measure our progress not only by financial growth but also by the positive impact we create for our customers and communities.”
“Our annual report isn’t just a reflection of our past year’s performance; it’s a blueprint for our future growth and impact,” he added.
Established in 1967 under the Fiji Development Bank Act, the FDB boasts a rich history dating back to the establishment of the Agricultural and Industrial Loans Board in 1951. This makes FDB a cornerstone of Fiji’s banking landscape.
For over five decades, FDB has remained the sole national development financial institution in Fiji. Its contributions to the nation’s economic success story are undeniable, spanning generations.