Fiji’s financial system recorded gross assets of $36.2 billion as of June 30, 2024, with commercial banks holding the largest share at 41.0 percent. The Fiji National Provident Fund (FNPF) followed with a 29.8 percent share, while the three systemically important banks—ANZ, BSP, and Westpac—collectively represented 27.0 percent of the total assets.
The Reserve Bank of Fiji (RBF) highlighted in its October Financial Stability Review that commercial banks continued to dominate lending, providing 78.3 percent of loans compared to non-bank lenders, which accounted for 21.7 percent. Among commercial bank loans, private sector business entities were the largest borrowers, making up 66.6 percent, followed by households at 27.0 percent and other entities at 6.4 percent.
The report indicated that a significant portion of loans to private sector businesses was directed toward the wholesale, retail, hotels, and restaurants sectors, which accounted for 22.3 percent. Additionally, loans for real estate and building and construction sectors made up 19.8 percent and 8.7 percent, respectively.
As of June 30, the total credit in the Fijian financial system reached $11.8 billion, reflecting a notable annual growth of $1.0 billion (9.3 percent), compared to a growth of $0.6 billion (6.0 percent) in the same period last year. Commercial banks led the current credit growth cycle with an annual increase of 11.8 percent, driven by sufficient liquidity, relaxed credit standards, and strong demand for loans, which helped maintain low lending rates and supported the growth of private sector credit.
The RBF noted that the loan pipeline for commercial banks indicated alignment with key policy priorities aimed at enhancing potential credit growth. As of June 30, a total of $2.5 billion in unutilized loan limits was reported, with $1.2 billion pertaining to loans that had not yet been disbursed.