Association of Superannuation Funds of Papua New Guinea (ASFPNG)

The Association of Superannuation Funds of Papua New Guinea (ASFPNG) commended BSP saying the profit record is a significant return on investment for the three major super funds. 

BSP's full year results, announced to the market, includes a Net Profit After Tax of K1.081 billion, and a dividend payment of K 1.40 per share, bringing the total dividend per share for the Full Year 2022 to 141.74. 

In a media statement, ASFPNG stated that this decision will affect Bank South Pacific Group (BSP), the largest bank in PNG and the Pacific, of whom, superannuation funds on behalf of ordinary workers and tax payers are major investors / shareholders. The imposition of this new banking levy will result in a decline in profitability, dividend payments to shareholders and a decline in BSP’s share price.