Kontiki Finance Limited, a locally-owned credit institution, has announced another impressive quarter, showcasing optimism for continued growth as the Fijian economy strengthens, according to chairman Barry Whiteside.
Whiteside expressed satisfaction with the institution’s performance, highlighting substantial increases in interest 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, reinforcing Kontiki Finance’s status as a market leader.
The strong financial performance can be attributed to profit retention, an increase in interest income, and a positive trend in financial assets. Interest income surged by 29 percent to $11.7 million, while net interest income experienced a remarkable growth of 42 percent, reaching $9.8 million compared to the previous year. Additionally, retained profits rose by 10 percent to $28.7 million, alongside a four percent increase in comprehensive income, settling at $2.7 million.
Furthermore, Kontiki’s financial assets expanded significantly from $75 million to $81 million, with assets under management now surpassing $300 million. Total shareholders’ funds also witnessed a healthy growth of seven percent, increasing from $41.3 million last year to $44.3 million this year.
The performance of Kontiki Finance Limited reflects the resilience and dynamism of the local financial sector, providing a hopeful outlook for both the institution and the broader economy as it continues to strengthen.
This positive news serves as a testament to the effectiveness of sound financial strategies and a robust economic environment, encouraging further growth and stability.
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