Bank South Pacific

BSP Warned By Regulator

In issuing the formal warning today, the Bank of PNG is also calling for BSP to remove certain executive management staff and to appoint an external auditor. In highlighting 8 issues which Bank of PNG says contravened the Act, the regulator says BSP has failed to identify legitimate sources or reasons for several million Kina in payments by one customer to another customer who is a Politically-Exposed Person.

Students scoop SME essay awards

In its second year running, the competition targeted Grade 12 students in selected secondary schools around the country to discuss in 500 words or less, the theme, “Impact of COVID-19 on Micro Small and Medium (MSM) Businesses in PNG”.

NASFUND congratulates BSP

The 2019 Full Year Results, announced to shareholders on May 22nd, includes a Net Profit After Tax of K890 million, and a final dividend payment of K0.96 bringing total 2019 dividends to K1.34 per share to shareholders. NASFUND owns 9.7% of the largest and fastest growing bank in the Pacific Region.

Commenting on these results, NASFUND Chairman Charles Vee commended BSP Chairman Sir Kostas Constantinou & the Board, Group CEO Robin Fleming, Management and Staff for delivering sterling results for the 2019 year, even in a sustained challenging environment.

BSP Final Dividend Announcement for 2019

Sir Kostas noted that despite challenging macroeconomic conditions in PNG and other Pacific countries in which BSP operate, BSP Group again recorded improved outcomes in 2019 with a net profit after tax of K890.4m, an increase of K46.3m on the 2018 result.

BSP highlights impact of COVID -19 on the economy

The report highlighted the forecast impacts on economic growth across the region in the immediate aftermath of the global Covid-19 pandemic.

BSP SME customer launches payment page

Ginia Sialis, Owner and Director of Tapioca Delight, says they will now be able to capture a lot of business from overseas clients having missed a lot of international orders because of the difficulty in receiving payments.

“This eases payment process from customers overseas and in PNG, who are now able to generate and pay for their orders from our website with so much more convenience. TT and Western Union were too much of a hassle for us,” said Sialas.

BSP Reduces Indicator Lending Rate

BSP’s lending products that are linked to its ILR will reduce by 1% from 1 April, 2020, and other products such as its variable rate, Home Loan will reduce by 1% to 5.5%.

In a statement on March 31st, BSP CEO Robin Fleming said: “Our fixed rate loan products are treated slightly different to the variable rate. Our First Home Owner Housing Loan will remain at 4.00% pa fixed. New Personal Loans and New Smart Business Loans/SME Loans will have a 1% reduction in interest rate which in the case of Personal Loans will be 26%.”

BSP announces profits for 2019

The result follows another positive year despite economic headwinds and uncertainties, with the company once again surpassing K1 billion (K1.25b) revenue mark.

CEO, Robin Fleming, announced the results in Port Moresby on March 2nd.

Despite total income remaining flat, the BSP Group recorded a consolidated operating profit after tax of K890.4 million for the 2019 financial year; a 5.5 percent increase from 2018.

Arts theatre program boosted with K8,000

This festival is an avenue for youths to express their hearts and minds and further propagate awareness on today’s social issues in the communities on violence, gender equality, religion, drugs and bullying.

“BSP as a community orientated bank is delighted to lend a hand as co-sponsors of the event to help support an event that adds so much value to the communities through awareness and community empowerment,” says BSP Corporate Sponsorship Manager, Amelia Minnopu.

EFTPoS terminals accept payments via devices

NFC technology gives customers the option to carry out contactless payments through the use of wearables, such as a watch, or payments via the wave of your smartphone over point of sale terminal (EFTPoS).

There is a wireless data transfer between the device and point of sale terminal (EFTPoS), providing an elevated customer payment solution. 

The enhancement to BSP’s EFTPoS payment capabilities was demonstrated recently by BSP’s Retail General Manager, Paul Thornton, who made a purchase via a BSP EFTPoS device through the use of his smart watch.