HFC Bank, Fiji’s only local Bank and the 4th largest Bank in Fiji in terms of market share, announced an audited Net Profit After Tax of $7.7m. This is a record high for the company and signifies the promise by the Bank in it’s infancy years to grow and generate superior returns for its shareholders.
Tom Ricketts, HFC Bank Board Chairman said “Although we are on the path to meeting our ambitions, the year had been a challenging one for the Bank. This is a record result, continuing a trajectory of increased but sustainable profits. We are investing in our people and systems in order to grasp opportunities in the market.
Being 100% local means, reinvesting these profits back in the Fijian economy, and eventually it goes back to the people. We will continue to carefully execute our strategies to become more customer-centric, technologically advanced, meeting all compliance requirements, thus becoming an efficient Bank for the benefit of all stakeholders. We will continue to improve in our governance and risk management platforms, said Mr. Ricketts.
The Net Profit after Tax of $7.7m reflects a growth of 10% from last year. The Bank paid dividends of $3.5m to the Fiji National Provident Fund and $1.16m to Unit Trust of Fiji, comprising a total dividend of $4.66m which will be reinvested in the Bank.
The Bank’s Total Assets reached $827m which grew by 18% from June 2016, the highest achieved by the Bank. This was driven by a growth rate of 15% in loans and advances.
Furthermore, the Bank’s deposit acquisition efforts helped increase customer funding by 21% from June 2016. This clearly demonstrates the success of the Bank’s strategy to diversify its funding sources.
HFC Bank’s efficiency (cost to income ratio) improved due to prudent cost controls and strong revenue generating capabilities.
HFC Bank continues to deliver on its strategy of deepening client relationship. The Bank operates 6 branches in major towns and cities in Fiji and is well positioned to deliver good customer experience with its growth strategies for expansion of its Banking network and through innovative products & services.
The Bank will be completing its strategic review shortly which will consolidate the Bank’s strategies to re-position itself for the future in the very competitive Fiji banking market.