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FDB Posts $2.50 Million Profit for 2011
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10 September 2012

The Fiji Development Bank’s annual report for the financial year
ending 30 June 2011 was presented by Prime Minister and
Minister for Finance, Commodore Frank Bainimarama to Cabinet
at its 17th meeting held on 28 August, 2012. 

In his letter to Cmdr. Bainimarama, Bank Chairman Mr. Bob Lyon
announced an operating profit of $2.50 million by the Bank for the
2011 financial year.

“This was an increase of $0.14M (6.23%) compared to the 2010
financial year. This was achieved through prudent portfolio
management and stringent cost control measures,” Mr. Lyon said.

“The bank’s gross portfolio declined by 20.08% to $349.93M in the
2011 financial year due to early exit of a few large corporate
accounts and bad loan write-offs. The bank also noted a slow
growth in new business.”

In other developments during the 2011 financial year, the bank
also recorded the following:
 
1. Interest income increased by 14.37% over 2010 due in most part to an improvement in the impaired assets ratio. 
2. The bank’s additional revenue source which includes fees and other charges also recorded an increase of $5.14M over 2010. 
3. The increase in Value Added Tax (VAT) by 2.5% to 15% in 2011 resulted in an increase in the bank’s operating expenses by 3.79%.

“The Board acknowledges the effort and commitment of the
executive management and staff of the bank in what has been
another challenging year,” Mr. Lyon said.

The Bank’s annual report can be viewed in full at Annual Report 2011

 

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