FDB records significant growth

(Left) Fiji Development Bank general manager finance and administration, Saiyad Hussain with the chief executive officer Mark Clough. Picture: ABISHEK CHAND

THE Fiji Development Bank has seen a significant increase in income from 2017 through increased customer outcomes.

This was revealed by the chief executive officer for the Fijian Development Bank Mark Clough while making submission to the Standing Committee on Economic Affairs on the Fiji Development Bank 2018 Annual Report today.

“We saw an increase in expenses as well as part of our initial stages of reinvention and also paying our people more to market,” he said.

“We did see an increase in provisions as well almost a double in provisions from what they were to 2017 as a prudential approach to allowances the result was a profit decrease from $8.1 million to $7.4 m which we still see as an acceptable result for the bank.

The Banks assets grew from $402 m to $467 m and as part of that our loan portfolio has increased from $438 m to $487 m.

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