The Fiji Development Bank recorded a consolidated profit of $1.79 million at the end of the 2022 financial year.
This was confirmed by the Minister for Finance, Professor Biman Prasad, in Parliament last week.
Prof Prasad said this was an increase of 78 per cent compared to 2021.
He said the Bank’s total asset base stood at $626.2 million, an increase by 3.1 per cent when compared to the $607.5 million as at FY2021 while total liabilities also increased to $449.9 million, an increase by 3.9 percent when compared to $433.0 million as at FY2021.
With the increase in total assets, total shareholders’ equity also increased by one per cent to $176.4 million.
“As at end of FY2022, the Bank has total cash and cash equivalent of $104.1 million, an increase by 38% when compared to FY2021. The increase was attributed to the increased collection during the year,” Prof Prasad added.
