04 August 2011
The Fiji Development Bank annual report for the financial year ending 30 June 2010 was presented by the Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, the Public Service, People’s Charter for Change and Progress, Information, iTaukei Affairs, Provincial Development and Sugar Industry, Commodore Frank Bainimarama to Cabinet at its 13th meeting held on 19 July, 2011.
In his letter to Cmdr. Bainimarama, Bank Chairman Bob Lyon announced an operating profit of $2.36 million by the Bank for the financial year ended 30 June 2010.
“In light of the many challenges facing Fiji’s economy, the Bank recorded a profit,” Mr. Lyon said.
“Although this is a decline of $1.2 million over the 2009 financial year, the Bank obtained this p ositive result through prudent spending and stringent cost control measures.”
The Bank’s main source of revenue interest income, recorded a decline of 22.63% when compared to 2009. This decrease is attributed to an increase in impaired assets and the suspension of interest charges on these accounts.
“During the year, the Bank’s gross portfolio stood at $437.86 million – an increase of 1.05% when compared to the previous year. This increase is a reflection of an increase in lending to the resource-based sector,” Mr. Lyon said.
The Bank’s operating expenses amounted to $10.11 million, a decrease of 1.65% when compared to 2009. This was part of an ongoing effort on the part of the Bank to contain costs. The operating expenditure was kept under effective control and fell within the approved budget levels.
“The Board acknowledges the effo rt and commitment of the executive management and staff of the Bank in what has been another challenging year,” Mr. Lyon said.
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Jul
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