Good news for HFC Bank shareholders as they have announced a milestone dividend of $30.105 million to the Fijian people after a record profit for the financial year that ended in June this year.
The bank declared dividends of $22.579 million and $7.526 million to FNPF and Unit Trust of Fiji, which hold shareholding of 75 percent and 25 percent respectively.
HFC Bank says they have been providing lucrative return on equity to shareholders of 16 percent for the past 2 years (post COVID-19) and this is returned to the people of Fiji as part of annual interest to members of FNPF and dividends to unit holders at UTOF.
The HFC Board says this also demonstrates the role of a strong and successful local Bank in the development and growth of Fijian economy. therefore, a robust and sustainable local Bank is imperative for the nation.
They say during the financial year ending 30th June 2023, the bank posted a net profit after tax of $43.007 million, compared to $32.229 million the previous year.
They say this is a historic profit in its 9 years of banking operations.
The bank says net profit after tax grew by 34 percent compared to prior financial year and the return on assets has been boosted by 19 percent.
HFC Bank CEO Rakesh Ram says he is elated to lead the only Fijian Bank with the strong guidance and leadership from the Board and work with one of the best talents in the country.
He says being the youngest bank in Fiji, they have demonstrated their capability with 100 percent local staff to effectively compete with the well-established international banks to significantly contribute towards Fiji’s economic success and growth.
Ram says they are humbled to be providing significant returns to the Fijian people.
Ram also expressed his extreme gratitude to the bank’s customers and for their trust and confidence in a Fijian bank.
He says no organisation can be successful without its loyal customers and they are pleased that the bank delivered to the best of its ability to not only retain its customers, yet significantly grow the customer base in all the segments.
HFC Bank says their overall improved performance has been underpinned by consistent growth in net lending book averaging over $100 million for the last 6 years with the 2022-2023 financial year netting a growth of $159 million, an increase of 13.3 percent.
They say this is further complimented by continued diversification of their revenue base, and a highly cost-effective operating model.
They say the bank’s total assets grew to $2 billion.
They say shareholders have proudly pledged to reinvest dividends in view of the success of the bank and to support continued growth and expansion strategy.
The shareholders have commended HFC Bank for its outstanding performance during the year.
FNPF acknowledged the HFC Bank for its remarkable performance in the past year.
CEO Viliame Vodonaivalu conveyed their gratitude to the board, management and staff of HFC Bank for their sustained success.
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