Fiji’s financial system reported total gross assets of $36.2 billion as of June 30, 2024, with commercial banks holding a dominant share of 41.0 percent. The Fiji National Provident Fund (FNPF) accounts for 29.8 percent, while the three systemically important banks—ANZ, BSP, and Westpac—together make up 27.0 percent of the financial landscape.
According to the Reserve Bank of Fiji (RBF) in its October Financial Stability Review, commercial banks hold a significant majority of loans, comprising 78.3 percent compared to non-bank lenders, which represent 21.7 percent. Of the loans from commercial banks, private sector businesses accounted for the largest portion at 66.6 percent, followed by households at 27.0 percent and other entities at 6.4 percent.
The report highlighted that the majority of loans to private sector business entities were directed towards wholesale and retail, hotels and restaurants (22.3 percent), real estate (19.8 percent), and building and construction sectors (8.7 percent).
As of June 30, 2024, the aggregate credit within Fiji’s financial system reached $11.8 billion, reflecting an annual growth of $1.0 billion (9.3 percent), compared to the previous year’s growth of $0.6 billion (6.0 percent). The report noted that commercial banks continue to drive the current credit cycle, showing an annual growth of 11.8 percent, aided by strong liquidity in the financial system, easing credit standards, and a robust demand for loans, which has helped maintain low lending rates and fostered private sector credit growth.
The RBF indicated that the loan pipeline for commercial banks in the coming months is aligned with strategic policy initiatives aimed at unlocking further credit growth. As of June 30, a total of $2.5 billion in unused loan limits was reported, with $1.2 billion representing loans that have yet to be dispersed or drawn down.