BSP’s AGM set for Friday

Shareholders of the Bank South Pacific (BSP) will know how much in dividend payments will be made when the Banking Group hosts its Annual General Meeting (AGM) on Friday.

In 2016 shareholders were paid a dividend of 85.5 toea per share following an impressive performance in 2015.

Last year the banking group exceeded its previous years performance recording an after tax profit of K643.5 million, an increase of 21 per cent from 2015’s profit of K531.9 million.

Among the key highlights, return on equity went up by 1.8 per cent, from 27.9 per cent in 2015, to 29.6 per cent., while Dividend yields which is recorded at 9.8 per cent is down from 2015’s result of 11.4 per cent.

In addition, Total Assets of the Group increased by 14.5 per cent or approximately K2.6 billion to K20.832 billion driven by strong growth in the loan book across all countries amounting to K1.48 billion from increased corporate lending and the acquisition of former Westpac Vanuatu business on July 1, 2016.

The BSP Group revealed that its revenue increased by 15.8 per cent during 2016.

BSP Board Chairman, Sir Kostas Constantinou, said during the announcement of the results that despite subdued economic conditions in PNG, and other Pacific countries where BSP operates, the group recorded positive outcomes for 2016.

Cedric Patjole