Bank earns record $5.59 million profit [1]
Sunday, March 30, 2003 - 08:15. Updated on Friday, March 18, 2016 - 17:43.
From Matangi Tonga Magazine Vol. 18, no. 1, March 2003.
It was another record-breaking year for the Westpac Bank of Tonga. Its net profit after tax for the 12 months ending on 30 September 2002, was $5,592,328, the highest that the bank has achieved during its 28-years of operation in Tonga.
The General Manager, Brian Harris, said in the 2002 annual report that the bank attributed their success to the continued commitment and the spirit of his staff, “who remained dedicated to our goals and objectives.”
The highlights of the Bank’s operation include its name change from the Bank of Tonga to Westpac Bank of Tonga in July 2002, and its new Commercial Centre in the Si‘i Kae Ola building complex.
The bank also recorded growth in its gross loan portfolio from $61.2 million in September 2001 to $70.7 million on 30 September 2002.
Extensive planning and training were carried out during the year and the bank this year was able to offer electronic products such as ATM, EFTPOS and Debit Cards.