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To contact the authors of this blog, please call telephones (679) 3342719, (679) 3544897 or e-mail info@gilbert.com.fj.


Wednesday, April 25, 2007

Credit Corporation (Fiji) Limited makes a profit of F$4.2 million

After raising the issue on this blog earlier that some of the deposit taking institutions are not publishing their Key Disclosure Statements (which outlines pertinent indicators of financial performance, Balance Sheet and Income Statement), the Fiji Times today, Wednesday, 25 April 2007, shows the statement published by Credit Corporation (Fiji) Limited (CCFL).

Continuing with the trend recorded by banks, CCFL has recorded a net profit after tax of F$4.2 million for the financial year ended 31 December 2006. This compares with a net profit after tax of F$3.6 million recorded for the 2005 financial year.

Further, the institution's return on average total assets rose to 6.71% in 2006 compared to 6.00% in 2005.

Of note in the accounts is that while CCFL's loan portfolio grew by 2.8%, its deposits portfolio fell by 1.4%. The company had to pay more in interest expenses to attract deposits (depicted by interest expenses increasing by 20.9% compared to the previous year). This reduction in deposits may be attributed to depositors taking out their funds and reinvesting them in other instruments which were paying better (which may include long term government securities and term deposits with banks).

Interest income grew by 14.8% in 2006 compared to 2005.

For more details on the Key Disclosure Statement of CCFL, pls click here.

Note : If you need investment advice, you can use our company, Gilbert & Samuels Company Limited. Our principal, Gilbert Veisamasama Jr, is an Investment Advisor licensed by the Capital Markets Development Authority (of Fiji). To contact us, e-mail gilbert@connect.com.fj or call telephones (679) 3396427 or (679) 9921427.

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