The Fiji Development Bank (FDB) has reported a significant profit of $5.5 million for the year 2024, showcasing a notable increase from the $3.78 million profit recorded in 2023. This positive financial performance was presented by FDB’s general manager of finance and administration, Saiyad Hussain, during a session with the Parliamentary Standing Committee on Economic Affairs.
In response to questions about the bank’s profit priorities, Mr. Hussain emphasized the bank’s commitment to facilitating loan access for its customers. He noted that while profit is important, the bank aims to keep interest rates low to support its clients. For instance, the sustainable SME loan package now features an interest rate of just 3.99%, which is competitive compared to other commercial banks in the region.
Mr. Hussain highlighted the bank’s strategy of balancing profitability with customer support, stating their interest rates range from 3.9% to 4.5%, which are quite competitive given the current market conditions. He explained that FDB borrows funds directly from the market to provide loans, which can sometimes result in slightly higher costs compared to other banks.
This robust profit growth not only reflects the bank’s sound management practices but also its dedication to supporting the financial needs of the community. As the FDB continues to navigate economic challenges while ensuring affordability in loan offerings, it sets a positive precedent for financial institutions in the region.
In summary, the Fijian Development Bank’s impressive profit growth demonstrates its resilience and commitment to both profitability and customer support, which can foster a stronger economic environment for its clients and the broader community.
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