BSP Group Chief Executive Officer, Robin Fleming made the announcement at the BSP Annual General Meeting, while giving an update on BSP’s full year results for 2020 and first quarter results for 2021.
The bank’s listing on the Australian Stock Exchange will give them the opportunity to grow the business while ensuring stronger returns for their shareholders.
According to BSP Group Chairman, Sir Kostas Constantinou, BSP is on track to join the ASX in the first half of 2021.
BSP had recorded K809 million net profit after tax for the year 2020, which is 9.5 per cent below than its 2019 profit of K890 million, which was due to the impact of COVID-19.
The group’s profit for the first quarter of 2021, decreased by 2.6 per cent from the fourth quarter in 2020 due to seasonal affects and increased technology investments.
While BSP will be paying its final dividend of K1.05 to its shareholders on June 23.
BSP is optimistic that good times are ahead for PNG with the anticipation of key economic projects such as the Papua LNG, P’nyang gas project and the re-opening of Porgera mine.