The Fiji Development Bank (FDB) achieved a remarkable milestone in 2024, surpassing its lending target by disbursing $91.26 million, with 54% of this amount directed towards rural areas. The bank’s Annual Report revealed that it currently serves 9,709 active accounts, with new customers accounting for 37% of total loan accounts, a significant increase from 26% the previous year.
Women entrepreneurs represent 18% of the bank’s total loan value, while loans to young individuals saw an impressive increase of $1.7 million, which corresponds to a 46% jump from 2023. The bank emphasizes that its lending practices are designed to stimulate the Fijian economy and enhance the quality of life for its citizens.
At the close of the financial year, FDB’s total equity reached $187.8 million, reflecting a stable foundation for further development opportunities. Board chair Damend Gounder, during the presentation of the Annual Report in Parliament, highlighted a profit of $5.5 million, derived from diligent cost management and a reduction in borrowing costs amounting to $2.82 million. He noted a proactive approach in minimizing risks associated with certain loans, leading to a decrease in the credit-impairment allowance by $11.72 million.
With total assets of $529 million and a loan portfolio of $464.4 million, FDB is keen to further strengthen recovery, build resilience, and drive sustainable initiatives to enhance its financial performance. Such strategic moves indicate a strong commitment to support the economic growth of Fiji while ensuring that financial accessibility is prioritized.
The recent positive trends in lending and profitability showcase the bank’s resilience and dedication to the community, placing it in a strong position for future developments in the financial landscape of Fiji. FDB’s continued efforts to provide affordable financing options play a crucial role in fostering economic inclusivity and enhancing the livelihoods of Fijians, particularly in rural areas, thus generating hope for sustained economic empowerment across the nation.
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