Fiji Development Bank reports record growth in net profit

Apr 20, 2024 | Blog, News

The Fiji Development Bank (FDB) has made headlines with its impressive growth in net profit, boasting a staggering year-on-year increase of over 112 percent as revealed in its recently published 2023 Annual Report.

According to FDB, this remarkable achievement underscores the bank’s robust performance and strategic initiatives, symbolising a vital trust placed in FDB by the Fijian nation. The Annual Report showcases FDB’s diverse activities, including Finance and Administration, Financing for Sustainable Development, Business Risk Services, Climate and Eco-Finance, and Community and Environment.

Among its notable achievements highlighted in the report are an increased women’s portfolio from 19.16 per cent to 26.09 per cent, the disbursement of $40 million to the MSME sector, 15 monthly community engagements, and 5,000 hours of employee training for the year. FDB CEO, Saud Minam, emphasises that behind every statistic lies a story of resilience and human potential, reflecting the bank’s commitment to creating positive impacts for its customers and communities. The Annual Report serves not only as a reflection of past performance but also as a blueprint for future growth and impact.

In a recent parliamentary session, a significant motion was passed to guarantee a $130 million loan for the Fiji Development Bank, further solidifying the bank’s role in facilitating the government’s policies and supporting essential sectors of the economy, particularly resource-based sectors.

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, moved the motion, highlighting the necessity of additional financing to meet the total outlay of $191.26 million, with forecast inflow standing at $61.26 million. The guarantee, proposed to be raised from the issuance of bonds, promissory notes, short-term borrowings, and RBF financing facilities, underscores the government’s commitment to supporting FDB’s efforts in catering to those unable to access finance through other institutions. With half of their assistance centered on women, FDB continues to play a pivotal role in fostering inclusive economic growth and empowerment within Fiji’s communities.

The FDB plays a pivotal role in facilitating financial access and support for individuals and businesses across the nation. As a leading financial institution, FDB drives sustainable development and fosters inclusive economic growth, particularly in sectors vital to Fiji’s economy. With a strong focus on serving both large enterprises and micro, small, and medium-sized enterprises (MSMEs), FDB’s comprehensive range of financial products and services aims to address diverse needs, from financing for sustainable development projects to business risk services and community engagement initiatives.