The Fiji Development Bank has recorded a strong financial performance for 2025, posting a net profit of $14.18 million—an increase of $8.58 million or 153.21 per cent from the previous year.
The figures were revealed in the Bank’s 2025 Annual Report tabled in Parliament this week, highlighting what officials described as “exceptional growth and profitability.”
“The Bank achieved a net profit of $14.18 million… reflecting strong financial performance, the resilience of our business model, the trust of our customers, and the dedication of our employees,” the report stated.
The sharp increase in profit was driven by prudent cost management, a $1.1 million reduction in borrowing expenses, strengthened credit quality, and a $2.7 million rise in other income.
The Bank’s overall net revenue also grew by 10.16 per cent, rising from $29.10 million to $32.05 million.
FDB continued to prioritise key sectors, particularly agriculture and micro, small and medium enterprises, including support for women entrepreneurs.
During the year, the Bank disbursed $132.85 million in new loans—well above its annual target of $70 million.
Interest income remained the primary revenue driver, accounting for nearly 70 per cent of total revenue, although there was a slight decline due to lower market interest rates and increased competition among financial institutions.
The report noted that borrowing and interest expenses fell to $3.33 million in 2025, down from $4.4 million in 2024, despite higher borrowing levels.
Operating expenses rose slightly to $15.97 million, an increase of $0.43 million, largely attributed to rising costs of goods and services.
However, the Bank said strict cost-control measures and ongoing monitoring ensured administrative expenses remained manageable.
The report concluded that the Bank’s financial performance underscores its stability and its continued role in supporting Fiji’s economic development.
Meanwhile,
The Fiji Development Bank has revealed that its key management personnel received a total of $1.39 million in short-term benefits for the 2025 financial year.
Details tabled in Parliament as part of the Bank’s Annual Report show the figure represents an increase from $1.09 million recorded in 2024.
The report identifies key management personnel as those with authority and responsibility for planning, directing and controlling the Bank’s activities, including senior executives.
Among those listed is Chief Executive Officer Filimone Waqabaca, who was appointed on January 9, 2025, succeeding Saud Minam, whose contract ended in August 2024.
Other senior executives named include General Manager Relationship and Sales Titilia Vakaoca, General Manager Risk Bimal Sudhakar, General Manager Finance and Administration Saiyad Hussain, and General Manager Talent and Organisational Development Semisi Biumaiwai, who resigned in February 2025.
The report notes that the total compensation for these executives—excluding directors—comprised only short-term benefits.
In terms of governance costs, directors’ expenses for the year totalled $199,191, up from $157,828 recorded in the previous financial year.
