Credit Corporation Vanuatu produced an outstanding performance in FY18, with lending volumes growing to approximately VT1.2billion (K35.4m), which was well ahead of expectations
Credit Corporation (Vanuatu) Limited
Vanuatu GDP grew by an estimated 3.4% in 2018 and is set to increase by 3.2% in 2019. Tourism activities, agriculture, fisheries and kava production are key industries for the nation. Vanuatu’s economy experienced challenges in 2018 and many of those related to a slowdown in tourism revenues affecting especially larger resorts and hotels. This has a flow on affect to other businesses. However, the Vanuatu government has convened a number of major tourism and travel stakeholders meetings this calendar year to announce a major strategy initiative in the sector. Public expenditure related to relocation of the Ambae community following eruption of Manaro volcano may also contribute to economic growth. The outlook for Vanuatu remains positive, however greater focus will be given to managing the quality of the loan book. The Group will also look at strategic partnerships with key businesses to deliver a “one stop” service for our customers.
Vanuatu’s Performance in FY18
Credit Corporation Vanuatu produced an outstanding performance in FY18, with lending volumes growing to approximately VT1.2billion (K35.4m), which was well ahead of expectations. Margins were also maintained throughout the year. The business delivered NPAT of VT347m (K10.3m). The Vanuatu business has done particularly well in attracting new deposits during the year to keep pace with lending growth.