Kontiki Finance Limited, a locally-owned credit institution, has announced a robust performance for the latest quarter, with optimistic projections for future growth driven by the strengthening Fijian economy, according to chairman Barry Whiteside.
Mr. Whiteside expressed satisfaction with the company’s figures, noting significant increases in both interest income and net interest income. “We are pleased to report another strong quarter of growth, with our interest income and net interest income both showing substantial increases,” he stated.
The institution’s positive results were attributed to effective profit retention, higher interest income, and an upward trend in financial assets. Specifically, interest income surged by 29% to approximately $11.7 million, while net interest income soared by 42%, reaching around $9.8 million in comparison to the same quarter last year. Additionally, retained profit increased by 10%, now totaling $28.7 million, and comprehensive income rose by 4% to $2.7 million.
Kontiki’s financial assets also demonstrated growth, increasing from $75 million to $81 million, with total assets under management surpassing $300 million. Furthermore, total shareholders’ funds grew by 7%, amounting to $44.3 million compared to $41.3 million the previous year.
This positive performance positions Kontiki Finance Limited as a key player in the financial market, highlighting the resilience and potential of local businesses in the evolving economic landscape.
Overall, these strong results reflect not only the institution’s strategic efforts but also a hopeful outlook for the financial sector in Fiji, suggesting that with ongoing strength in the economy, similar success can be expected in the future.
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