The Fiji Development Bank (FDB) has reported a profit of $5.5 million for the fiscal year 2024, reflecting a significant increase from the previous year’s profit of $3.78 million. This information was shared by FDB’s General Manager for Finance and Administration, Saiyad Hussain, during a presentation to the Parliamentary Standing Committee on Economic Affairs, where he discussed the bank’s financial performance for 2022 and 2023.
In response to questions from committee member Premila Kumar about the bank’s profit prioritization, Mr. Hussain explained that while generating profit is important, the bank’s primary focus is on providing accessible loan facilities to its clients. He highlighted that FDB has strategically reduced interest rates for many of its loan products. For instance, the Sustainable SME loan package now offers an interest rate of 3.99%, with other packages ranging between 3.9% to 4.5%.
Mr. Hussain noted that these rates are competitive within the current market landscape. He explained that, although FDB’s cost of funding may be slightly higher due to its direct market borrowing, the bank aims to remain competitive with commercial banks in Fiji.
This positive development for the Fiji Development Bank underscores its commitment to supporting economic growth and helping small and medium enterprises thrive by providing affordable financing options. The increase in profit not only reflects the bank’s solid financial management but also its dedication to balancing profitability with customer support.
In summary, the Fiji Development Bank’s notable profit increase and its continued emphasis on client-friendly loan options paint a hopeful picture for the financial institution’s future and its role in fostering economic development in Fiji.
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