FDB posts $2.5M profit in 2011

Fiji Development Bank (FDB) announced an operating profit of $2.50 million for 2011 achieved through prudent portfolio management and stringent cost control measures. In addition, the Bank also recorded an interest income increase of14.37% over 2010 due in part to an improvement in the impaired assets ratio. The Bank’s additional revenue source, which includes fees and other charges, also posted an increase of $5.14M over 2010. On the other hand, the increase in value added tax (VAT) from 2.5% to 15% in 2011 resulted in an increase in the Bank’s operating expenses by 3.79%.