SUNBIZ

HFC Bank Posts $6m Profit

The HFC Bank has announced a net profit of $6.05 million for its financial year ending June 30, 2015. The bank’s profit is up by 32 per cent compared to
21 Oct 2015 10:39
HFC Bank Posts $6m Profit
From left: Fiji National Provident Fund chairman and HFC Bank director, Ajith Kodagoda, HFC deputy chairman and Unit Trust of Fiji general manager, Vilash Chand, HFC Bank chief executive, Isikeli Tikoduadua, Unit Trust of Fiji representative Elenoa Kaloumaira with HFC Director, Alipate Naiorosui during dividend cheque handover to Unit Trust of Fiji yesterday.

The HFC Bank has announced a net profit of $6.05 million for its financial year ending June 30, 2015.

The bank’s profit is up by 32 per cent compared to the results of the past financial year.

This is a milestone achievement as it records the highest net profit after tax and with banking operation.

The announcement followed HFC Bank’s annual general meeting yesterday.

This was HFC Bank’s first complete Financial Year as a fully-fledged commercial bank.  HFC transitioned into banking business in March 2014.

The Bank’s Board of Directors and chief executive paid 60 per cent of the net profit after tax in dividends to its two shareholders.

Fiji National Provident Fund was paid $2.7 million and Unit Trust of Fiji was paid $907,000.

HFC Bank is 100 per cent local owned – 75 per cent shares owned by FNPF and 25 per cent by Unit Trust of Fiji.

Its profits are given back to the people of Fiji by way of shareholders return to FNPF and Unit Trust of Fiji.




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