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Westpac Fiji has announced a net profit after tax of $26.5 million for its 2009 financial period from 1 October 2008 to 30 September 2009.
The figures are 44 percent down from the $47.4 million the bank raked in the previous financial year and reflect the challenges banks around the world faced following the US sub-prime mortgage crisis last year.
The bank’s total operating revenue for 2009 dropped by 0.28 percent to $87.3 million while its bad and doubtful debts increased by FJ$26.4 million.
Company tax paid to the Fiji government for 2009 was $15 million compared to $16 million in 2008.
"The result shows the commitment of the bank’s outstanding employees and loyal customers in a challenging and volatile market,” recently-appointed general manager Jason Stephens said.
Stephens said the bank had to redefine its strategy during the difficult financial period, adopting a more customer-centric approach.
“We’re driving a stronger customer culture, enhancing our distribution network and improving the quality and efficiency of our operations plus upgrading our technology”.
Westpac last year introduced an online, real time reservation booking system, Resbook, in seven Pacific island countries.
The bank also launched two new electronic savings accounts last year - eSaver and Business Max-i Direct - for personal and business customers.
