BSP records K531.9m profit

​Despite a slowdown in the PNG economy in 2015, PNG’s biggest bank Bank South Pacific Group has again achieved solid results.

The Group recorded a consolidated operating profit after tax of K531.9 million for the 2015 financial year, a 4.8% increase on the consolidated 2014 operating profit after tax of K507.3 million.

The total assets of the Group increased, by approximately K2.4billion to K18.196 billion, partially due to the acquisition of Westpac’s Pacific branches in Samoa, Tonga, Cook Islands and the Solomon Islands.

The Group’s revenues have also increased 3.2% during the year.

Revenue growth has come from interest income streams, in particular from loans & advances, with BSP growing its loan book by 27.6% as well as the additional income from the new asset finance operations in PNG and Fiji and the acquisition of Westpac’s Pacific branches in Samoa, Tonga, Cook Islands and the Solomon Islands.

Revenues from foreign exchange income reduced from K267m to K179m following market condition changes.

Chairman of the Board of Directors, Sir Kostas Constantinou, when releasing the results congratulated staff and management in all of BSP’s operations across Papua New Guinea, Fiji, Solomon Islands, Samoa, Tonga & Cook Islands on the results achieved in 2015.

Sir Kostas remained confident the Bank will continue to adapt to challenging market conditions, and continue to deliver a sound underlying performance for 2016 and beyond.

Author: 
Freddy Mou