6 Nov 2002

Fiji bank sees economic improvements

12:00 pm on 6 November 2002

Fiji's Colonial National Bank is predicting an improvement in the banking industry in the next 12 months as the economy continues to grow.

Its managing director, Mike Walsh, has told the Fiji Sun that despite the flat economic conditions in the 2002 financial year, the bank managed to lift its profits by 14 percent.

Colonial National Bank has increased total funds unders its management to 132-million US dollars, up from 84-million when the bank was set up in 1999.

The bank was created when Colonial Limited bought the remants of the failed National Bank of Fiji after the government took over its bad debts of 157-million dollars.