THE Fiji Development Bank exceeded its own lending target in 2024, disbursing $91.26 million – 54 per cent of which went to rural areas.

The Annual Report shows FDB had 9709 active accounts in 2024 and new customers now make up 37 per cent of all loan accounts, up from 26 per cent a year earlier.

Women entrepreneurs hold 18 per cent of the bank’s total loan value, while loans to young people rose by $1.7 million, a 46 per cent jump from 2023.

The bank says its lending helps grow the Fijian economy and improve people’s lives.

FDB’s total equity reached $187.8 million at the end of the financial year, showing it can expand its development role while staying financially stable.

The FDB Annual Report 2024 was presented in parliament yesterday.

Presenting the report in Parliament, FDB board chair Damend Gounder said the bank’s profit came from careful cost control and a $2.82 million drop in borrowing costs.

He said the bank also reduced risks on some loans, cutting its credit-impairment allowance by $11.72 million.

The report says these results show FDB’s strong role in supporting Fiji’s economic growth.

With total assets of $529 million and a loan portfolio of $464.4 million, the bank plans to keep strengthening recovery, building resilience and driving sustainable initiatives to improve its financial performance.

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Note: This article was first published under the headline: Target exceeded – 54 per cent loan portfolio went to rural areas – FDB in Page 13 of the print version of The Fiji Times dated Tuesday, September 30, 2025