HFC Bank has announced a record dividend of $33 million for the financial year ending June 30, 2024. This is the highest dividend in the bank’s decade-long history and is part of a remarkable total of $63 million in dividends distributed over the last two years.
This milestone reflects HFC Bank’s strong financial position, evidenced by consistent annual growth of $100 million in net loan assets over the past six years. The bank has also seen a growing revenue base, improved efficiency, and a strong loan portfolio.
Chairman Mukhtar Ali expressed his pride in the bank’s achievements, stating that the record dividend highlights HFC Bank’s robust performance and effective management. CEO Rakesh Ram credited the success to the bank’s strategic approach and operational efficiency.
Ram emphasized the importance of long-term partnerships and strong relationships with loyal customers. He noted that HFC Bank’s innovative strategies distinguish it from traditional banking institutions. He also highlighted the bank’s commitment to hiring talented local staff, who are dedicated to its success, despite current resource constraints and competition from overseas markets. Furthermore, he pointed out that the high quality of the bank’s growing loan portfolio is a testament to its strength and financial stability as the only Fijian Bank.