FIJI NEWS
September 13, 2012 12:00:00 AM
  Follow @ Twitter

Fiji’s Development Bank (FDB) has recorded a $2.50 million profit for 2011.

This was revealed in the bank’s annual report for the financial year which was presented by Prime Minister Commodore Frank Bainimarama to Cabinet last month.

FDB chairman Bob Lyon said this was an increase of $0.14 million (6.23 per cent) compared to the 2010 financial year.

“This was achieved through prudent portfolio management and stringent cost control measures,” said Lyon.

He said the bank’s gross portfolio declined by 20.08 percent to $349.93 million in the 2011 financial year due to early exit of a few large corporate accounts and bad loan write-offs.

The bank also noted a slow growth in new business.

In other developments during the year, the bank recorded an interest income increased by 14.37 per cent over 2010 due in most part to an improvement in the impaired assets ratio.

The bank’s additional revenue source which includes fees and other charges also recorded an increase of $5.14 million over 2010.

The increase in Value Added Tax (VAT) by 2.5 percent to 15 per cent in
2011 resulted in an increase in the bank’s operating expenses by 3.79 per cent.

By Ropate Valemei

Uptown


PREVIOUS STORY
TI says "No" to corruption for the constitution
NEXT STORY
Delana gets house, gifts on special day

Post a Comment
Bookmark and Share

 


Posted Comments
No comments, but you can post the first comment!
   





Has the free education scheme including free textbooks and busfare subsidy helped reduce costs incurred in your annual back-to-school shopping?
 Yes
 No


Poll Results: Current | Previous

Has the free education scheme including free textbooks and busfare subsidy helped reduce costs incurred in your annual back-to-school shopping?
Yes
 58%
No
 42%



More Polls
Press Esc to close this window
BUSINESS
Fiji keen to boost agricultural ties with IndiaFiji's Agricultural Ministry has proposed to enter into a Memorandum of Understanding with India in areas of rice, horticulture, fisheries and animal husbandry.
SPORTS
Crusaders opt for Nelson, drop Fiji plansThe Canterbury Crusaders have abandoned plans to play their Super Rugby clash against the Hurricanes in Fiji and will now stage their home fixture in Nelson.
WORLD
'Green'-tinted SUVs at Seoul Motor ShowGas-guzzling SUVs, eco-friendly electric cars and the odd brave attempt to marry the selling points of both are taking centre stage at the biennial Seoul Motor Show.
TECHNOLOGY
Vodafone Fiji, Tonga telco in allianceVodafone Fiji and Tonga Communications Corporation today signed a strategic partnership alliance that will allow the Tongan company to leverage off the experience of their Fijian counterparts.
ENTERTAINMENT
Madonna’s back with 13th album Rebel HeartMadonna’s 13th studio album Rebel Heart will be released on March 6.
HEALTH/FITNESS
Clean-up day to curb dengue outbreakFiji's Ministry of Health has declared a clean-up day next Thursday for residents in the central division as it ups the tempo against a dengue fever outbreak currently experienced in the country.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS