$402.1m assets

FDB general manager fi nance and administration Saiyad Hussain, left, Standing Committee on Economic Affairs chairman Vijay Nath and FDB chief executive officer Mike Clough after the submission yesterday. Picture: MONIKA SINGH

THE gross loan portfolio for the Fiji Development Bank stood at $438.09 million during 2017, a growth of $62.58m compared with the same period the previous year.

FDB chief executive officer Mark Clough said the bank’s operating income for the 2017 financial year was $24.52m against a total operating expense of $12.36m.

Making a submission to the Standing Committee on Economic Affairs on FDB’s 2017 annual report yesterday, Mr Clough said total allowance for credit impairment declined by $4.57m compared with the preceding financial year, which made a significant contribution to the healthy profit recorded.

Mr Clough said the bank’s financial position strengthened during 2017 with an increase in total assets from $374.91m to $402.06m.

He said the overall growth of the bank’s loan portfolio was a result of efficient lending methods and effective management of customer relationships coupled with disbursements of $107.3m.

It was also highlighted that the bank approved 1251 loans valued at $87.79m in the focus sector in agriculture, manufacturing, SME, transport, communication and storage, with agriculture having the highest number of approvals of 831 accounts.

“Our market share, particularly in agriculture, is around 45-50 per cent.

In the sugarcane sector it’s 99 per cent. Overall our market share, total financing within Fiji is 5-6 per cent,” he said.

He said the bank held the largest share of the market in the sugarcane sector whereby the growth in the sector was achieved through loans for mechanical cane harvesters under the bank’s Agricultural Services Loan facilities and highlighted that the bank provided financing to the value of $10.78m to customers across the cane belt areas.

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