Praneeta Prakash 
In a significant financial achievement, HFC Bank has declared a milestone dividend of $30.105 million following a record profit for the financial year ending on 30th June 2023.
The bank’s robust performance is attributed to a net profit after tax of $43 million, showcasing a remarkable 34% growth compared to the previous year’s net profit of $32.22 million.
The Bank declared dividends of $22.579m and $7.526m to Fiji National Provident Fund and Unit Trust of Fiji which hold shareholding of 75 percent and 25 percent respectively.
The net profit after tax grew by 34% compared to prior financial year.
HFC Bank Chief Executive Officer Rakesh Ram says the bank’s overall improved performance has been underpinned by consistent growth in net lending book averaging over $100m for the last six years with the 2022-2023 financial year netting a growth of $159m, an increase of 13.3 percent.
This is further complimented by continued diversification of the bank’s revenue base, and a highly cost-effective operating model.
The Bank’s total assets grew to circa two billion dollars.
The bank says they have been providing lucrative return on equity to shareholders of 16 percent for the past 2 years 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.
