HFC Finance achieves record profits

HFC Finance announced a record profit after tax of F$1.926 million for the year ended 30 June 2006. Out of the profits, shareholders have announced a total dividend of F$1.7 million for the period. Highlights for the period included :

• strong growth in Gross Loans & Advances offset by lower margins;
• total operating expenses maintained within 58.9% of total revenue;
• steady decline in total impaired assets during the year;
• general and specific provisions maintained at 150.8% of total impaired assets;
• capital adequacy ratio at 15% within the Reserve Bank of Fiji's requirement of 10% for credit institutions.

During the second half of the last financial year, the company concentrated on completing its new premises in Suva and has just moved into it. The new premises is on top of the old premises in the old Velop House in Suva.

The company is building up its commercial lending area and is also in the process of applying for a full banking licence from the Reserve Bank of Fiji.

HFC Finance is wholy owned by the Fiji National Provident Fund (75%) and Unit Trust of Fiji (25%). As such profits made by the company is ploughed back to members through to Fiji National Provident Fund and to investors with the Unit Trust of Fiji.

To view more of what the company has to offer, please visit the company's website on www.hfc.com.fj.