Tonga Development Bank pays dividend to Government [1]
Friday, June 5, 2015 - 22:37
Tonga Development Bank paid a dividend of $848,433 pa’anga to the Government of Tonga, its only shareholder on Friday, 5 June.
The dividend is 60% of the bank’s net profit after tax of $1.414 million pa'anga in 2014.
TDB Chairman Lord Matoto who presented the cheque to Hon Poasi Tei the Minister of Public Enterprises said despite 2014 being a challenging year they managed to meet most of their targets.
He said the payment meant their balance sheet is sound enough to be able to pay out this dividend at 60%.
“The bank had also paid income tax of $509,207 for 2014 before the end of April this year. The total payments then by the bank to Government on 2014 net profit and taxation amounts to $1.358 million.”
Lord Matoto said the bank is on the right track especially with the additional expansion plans for commercially oriented products and services.
On 15 June, the bank will begin its Foreign Currency Exchange service offereing telegraphic transfers by September this year.
He said for 2015 they aimed to improve financial performance and pay more dividends to the shareholder.
“I think this is an ambitious but realistic target,” he said.