Kontiki Finance Limited, a locally-owned financial institution, has reported a robust performance for the latest quarter, showcasing a strong potential for further growth as the economy rebounds. Chairman Barry Whiteside expressed his satisfaction with the results, highlighting 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,” stated Mr. Whiteside. This positive trend underscores Kontiki’s solid position within the market, and the outlook remains bright as the Fijian economy continues to strengthen.
The institution’s impressive performance can be attributed to several factors, including profit retention, a rise in interest on income, and a consistent upward trend in financial assets. Interest income surged by 29% to $11.7 million, while net interest income grew by 42% to $9.8 million compared to the same period last year. Additionally, retained profit saw a 10% increase, reaching $28.7 million, and comprehensive income rose by 4% to $2.7 million.
Kontiki’s financial assets expanded, jumping from $75 million to $81 million, with assets now surpassing $300 million under management. Shareholder funds also witnessed growth, increasing by 7% to $44.3 million, up from $41.3 million last year.
These results reflect not only the resilience of Kontiki Finance Limited but also the broader economic recovery in the region, offering a hopeful view for stakeholders and customers alike.
This story demonstrates that local financial institutions can thrive even in uncertain economic times, reminding us of the importance of community-focused businesses in fostering economic growth.
Leave a comment