The Bank South Pacific (BSP) has announced a final dividend of K486 million for 2016 to be paid to shareholders at the end of this month.
This follows a determined final dividend of 79 toea for 2016, and together with the 25 toea interim dividend paid in October 2016, brings to a total dividend of K1.04 per share.
The final dividend announcement follows a strong performing year for BSP which recorded a K643.5 million net profit after tax (NPAT), an increase of K111.6 million from 2015.
The total dividend represents a yield of 10.95 per cent on the current share price of K9.50 (as at May 10th 2017).
The payout ratio for 2016 of 75.53 per cent is slightly on from 2015’s ratio of 75.15 per cent.
Addressing the media today, BSP CEO Robin Fleming says the announcement has been well received by shareholders.
“Its been a great result and our shareholders are most pleased with that outcome,” Fleming said.
BSP Chairman, Sir Kostas Constantinoou, attributed the Bank’s success to the management and workforce which he says is predominantly national.
“In a very difficult environment, we doing extremely well. Why do we do extremely well, we have great management,” he said.
Sir Kostas added “The expats only look after the top end, all our other managers are Papua New Guineaeans. People don’t realize this, and we are very proud of this.
“Robin, myself and the board are very proud if putting our Papua New Guineans in key positions. They run the banks.”
The final dividend payments will be made on Friday 23rd June.