The Fiji Development Bank (FDB) reported a sharp turnaround in 2025, posting a net profit of $14.18 million — up $8.58 million or 153.21 per cent from the $5.5m profit recorded in 2024 — according to the bank’s 2025 Annual Report tabled in Parliament this week. The report credited “strong financial performance, the resilience of our business model, the trust of our customers, and the dedication of our employees” for the result.
The bank said the profit growth was driven by a mixture of prudent cost management, improved credit quality and higher non‑interest income. Borrowing and interest expenses fell by about $1.07 million to $3.33m in 2025 from $4.4m the previous year, while other income rose by $2.7m. Overall net revenue increased 10.16 per cent to $32.05m from $29.10m in 2024. Interest income remains the main revenue source — accounting for nearly 70 per cent of total revenue — but the report noted a slight dip in interest margins due to lower market rates and increased competition.
FDB substantially exceeded its lending target in 2025, disbursing $132.85m in new loans against an annual target of $70m. The bank said lending continued to focus on agriculture and micro, small and medium enterprises (MSMEs), with targeted support for women entrepreneurs. Operating expenses edged higher by $0.43m to $15.97m, largely reflecting rising costs of goods and services, but the bank said cost‑control measures and ongoing monitoring kept administrative expenses manageable.
The annual report also disclosed details of executive pay and governance costs, both of which rose in 2025. Short‑term benefits for key management personnel totalled $1.39m, up from $1.09m in 2024. Those identified as key management include Chief Executive Officer Filimone Waqabaca — appointed on January 9, 2025, to succeed Saud Minam, whose contract ended in August 2024 — General Manager Relationship and Sales Titilia Vakaoca, General Manager Risk Bimal Sudhakar, General Manager Finance and Administration Saiyad Hussain, and General Manager Talent and Organisational Development Semisi Biumaiwai, who resigned in February 2025. The report specifies that the disclosed compensation for these executives comprised only short‑term benefits. Directors’ expenses for the year rose to $199,191 from $157,828 in 2024.
The results mark a significant development from last year’s coverage when the bank reported a $5.5m profit for 2024. The appointment of Filimone Waqabaca early this year and the February resignation of a senior HR executive are the most notable governance changes since that prior report. The improved bottom line, the bank argued, reinforces its stability and ability to continue supporting Fiji’s economic development through targeted lending.
While the jump in profit and the overshoot of lending targets will likely be welcomed by policymakers and stakeholders looking for development financing, the increases in executive pay and directors’ expenses are figures that may attract public and parliamentary scrutiny. The Annual Report, tabled in Parliament this week, presents the results as evidence the bank remains a key instrument in financing agriculture and MSME growth across Fiji.