29 September 2010
The Fiji Development Bank announces an operating profit of $3.48 million for the financial year ended 30 June 2009. The Bank’s financial year is 1 July to 30 June.
Board Chairman John Prasad says, “While this (profit) is a reduction of 9.16 percent over 2008, the positive result was possible due to stringent cost control measures implemented in light of the challenging economic landscape.”
The Bank’s main source of income was derived from interest income, fees, recovery of bad debts and rental income.
“With low liquidity, a credit ceiling in place and high demand for funds, we had to increase the interest rates in the second half of the year,” Mr. Prasad said adding that the Bank in this time also managed to reduce its borrowing expenses by almost 30 percent over 2008.
The Bank’s operating expenses amounted to $10.28 million, a decrease of 21.11 percent over 2008.
“This reduction was a direct result of the organisational restructure undertaken in January 2008 and the ability of staff to stay within the approved budget levels,” Mr. Prasad said.
The annual report was tabled before Cabinet on 31 August 2010.
The Bank’s annual report can be viewed in full at www.fdb.com.fj
The Bank’s annual report can be viewed in full at www.fdb.com.fj
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