Fiji’s financial system reported total 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) follows with 29.8 percent, while the three systemically important banks—ANZ, BSP, and Westpac—together account for 27.0 percent of the total.
According to the Reserve Bank of Fiji’s October Financial Stability Review, commercial banks continued to dominate lending, responsible for 78.3 percent of all loans issued, leaving non-bank lenders with 21.7 percent. The report highlighted that private sector business entities comprised the majority of bank loans at 66.6 percent, with households making up 27.0 percent and other sectors at 6.4 percent.
The majority of loans issued to private sector entities were allocated across several industries: wholesale, retail, hotels, and restaurants accounted for 22.3 percent, real estate for 19.8 percent, and building and construction sectors for 8.7 percent.
Furthermore, the aggregate credit within the Fijian financial system reached $11.8 billion as of June 30, reflecting an annual growth of $1.0 billion or 9.3 percent, compared to $0.6 billion or 6.0 percent in the same period last year.
The report indicated that commercial banks were the primary force behind current credit growth, achieving an annual increase of 11.8 percent by June 30, 2024, bolstered by sufficient liquidity, relaxed credit standards, and a strong demand for loans, which contributed to low lending rates and supported private sector credit expansion.
The Reserve Bank of Fiji noted that the loan pipeline for commercial banks showed potential for further credit growth in the upcoming months. As of June 30, there were $2.5 billion in unutilized loan limits, with $1.2 billion pertaining to actual loans yet to be disbursed.