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$7.7m record

Filipe Naigulevu
Friday, November 03, 2017

A RECORD high of $7.7 million in audited net profit after tax was achieved by HFC Bank in its past financial year registering a 10 per cent growth.

The local bank announced this yesterday marking record high achievement which included dividend payouts to its shareholders.

The bank's total assets also reached $827m, which grew by 18 per cent when compared from June 2016, also the highest achieved by the bank.

This was driven by a growth rate of 15 per cent in loans and advances.

HFC Bank board chairman Tom Ricketts said the record result was part of their continuing efforts towards a trajectory of increased but sustainable profits.

"Although we are on the path to meeting our ambitions, the year had been a challenging one for the Bank. We are investing in our people and systems in order to grasp opportunities in the market," Mr Ricketts said in a statement.

The bank's deposit acquisition efforts helped increase customer funding by 21 per cent from June 2016, which clearly demonstrated the success of the bank's strategy to diversify its funding sources.

HFC Bank also paid dividends of $3.5m to the Fiji National Provident Fund and $1.16m to Unit Trust of Fiji, comprising a total dividend of $4.66m which will be reinvested in the bank.

Mr Ricketts said this signified the promise by the Bank in its infancy years to grow and generate superior returns for its shareholders.

"Being 100 per cent local means, reinvesting these profits back in the Fijian economy, and eventually it goes back to the people," Mr Ricketts said.

"We will continue to carefully execute our strategies to become more customer-centric, technologically advanced, meeting all compliance requirements, thus becoming an efficient bank for the benefit of all stakeholders. We will continue to improve in our governance and risk management platforms."

The bank also indicated that their efficiency (cost to income ratio) improved which was attributed to prudent cost controls and strong revenue generating capabilities.

Meanwhile, HFC bank, which operates six branches in major towns and cities in Fiji is well positioned to deliver good customer experience with its growth strategies for expansion of its banking network and through innovative products and services.

The fourth largest bank in Fiji in terms of market share will also be completing its strategic review soon which will consolidate HFC Bank's strategies to reposition itself for the future in the very competitive Fijian banking market.

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