HFC Bank pays out record $22.6m dividends

September 30, 2022 4:10 pm

[Source: Supplied]

HFC Bank has announced a record dividend pay-out of over $22.6m to the Fijian people through its respective shareholders.

The Bank declared dividends of over $16.9m and over $5.6m to the Fiji National Provident Fun and the Unit Trust of Fiji which hold shareholding of 75% and 25% respectively.

Chair, Tom Ricketts says it’s pleasing to see the Bank has performed remarkably well, and their profits are retained and distributed to the Fijians.

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During the financial year ending 30th June 2022, the Bank posted a net profit of over $32.2m, compared to $15m last year.

HFC Bank Chief Executive, Rakesh Ram stressed the overall improved performance has been underpinned by consistent growth in net lending book averaging over $100m for the last five years with the 2021-2022 Financial Year netting a record growth of $174m, and continued diversification of our revenue base.

Ram says the improved performance has also been underpinned by reductions in the provision’s resultant from the recovering economy, although an additional provision of over $10m was provided this year, pending full economic recovery.