The National Reserve Bank of Tonga (NRBT) celebrates its 35th anniversary on September 16, 2024, with a record net profit of $35.8 million. This is a 75% increase from last year’s $20 million profit, marking a significant milestone for the bank, according to a statement released by NRBT.
At the NRBT’s 2024 Annual General Meeting, Chairman Lord Sevele ‘o Vailahi presented a cheque of $25.1 million to Prime Minister Hon. Hu’akavameiliku as the bank’s annual profit distribution. The Prime Minister acknowledged NRBT’s strong performance, noting its key role in supporting government initiatives.
“NRBT’s performance provides crucial revenue for the Government to support small and medium enterprises, agriculture, fisheries, and digital transformation,” said Prime Minister Hu’akavameiliku. He said that this additional revenue would reduce the need for borrowing or tax increases, helping maintain sustainable fiscal balances.
Lord Sevele highlighted the bank’s resilience, stating that the banking sector remained well-capitalized despite challenges like rising non-performing loans. He also stressed the NRBT’s focus on eradicating financial crimes and improving the integrity of the financial system.
The NRBT will commemorate its 35th anniversary at Tanoa Hotel, with HRH Crown Prince Tupouto’a ‘Ulukalala as the Guest of Honour.