FDB records net profit of over $7m in 2016
May 28, 2018 1:15 am
The Fiji Development Bank recorded a net profit of $7.31 Million for the 2016 financial year.
The 2016 annual reports before the Parliamentary Public Accounts Committee reveals that the profit is an increase of 18.98 percent compared to the same period in 2015.
Speaking to FBC News, FDB Chief Executive, Mark Clough says the bank’s financial performance was exceptional despite intense competition in the market.
Clough says FDB was battered with Tropical Cyclone Winston in the third quarter of the financial year.
He adds despite all these factors, FDB achieved profits through stringent cost control measures.
“We’ve obtained increase performance in the organization through a realignment of our operations and there has been increased financing opportunities in emerging sectors such as infrastructure and renewables.”
The report also shows that in 2004, FDB recorded a net profit of four hundred and fifty thousand dollars.