Bank South Pacific (BSP)

BSP’s K890 Million Profit for FY23

BSP also declared a final dividend of K1.06 per share, set to be paid out on March 22, 2024. This brings the full-year dividend for FY23 to K1.43 per share.

Mark Robinson, Group CEO, highlighted that the NPAT reflected the impact of Papua New Guinea's new 45% corporate tax rate, resulting in a direct reduction of K209 million compared to the previous year. Despite an 18% decrease in net profit, income surged by 8.4% to K2.8 billion, driven by a notable 26.3% increase in foreign exchange income and a 5.7% rise in net interest income due to lending volume growth.

New Infusion Pumps for PMGH

An infusion pump is a medical device that delivers fluids, such as nutrients and medications like insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers into a patient's body in controlled amounts.

BSP Capital general manager, Richard La’a when presenting the item said BSP continues to procure necessary equipment and support the health sector, as part of its community commitment.

“We believe that healthy people are productive, hence, they are likely to participate in the process of building a healthy nation,” said Mr La’a.

Villagers celebrate refurbished clinic

Founder for the Health Centre, Nao Badu, said that the facility was initiated 15 years ago at a time like this – during the election period. Mr Badu had been a senior public servant for a long time and in his travels saw how hard it was in the rural areas.

Badu received assistance from the National Government and former governor for Central Province Alphonse Moroi to begin the initial work.

BSP Namatanai Opened

Speaking during the opening of the branch in Namatanai recently, member for Namatanai, Walter Schnaubelt said the people of Namatanai could now expect to experience big changes in economic empowerment as more developments begin to unfold through this.

The opening of the banking facility coincides with the establishment of the Walter’s Farming Association Buying Point, which has enabled farmers to have cash to spend and meet their daily needs.

“BSP, we are happy for you making a decision to open the branch in Namantanai,” said Schnaubelt.

BSP Alotau focuses on banking education

Branch Manager Martin Gilo said the bank now focuses on financial literacy or banking education and with it, helping customers understand banking services better and its benefits.

Gilo said that financial literacy is the way forward in achieving strategic goals. Since its inception in 2015 more than 8,000 people have benefited from the banking education program.

BSP to change name

This follows the passing of a resolution considered at the company’s special meeting of shareholders on 26th March, 2021.

The name change will take effect on 17th May 2021.

The company also announced it will now progress with its proposed secondary listing of its ordinary shares on the Australian Securities Exchange (ASX).


Commitment to digital innovation outlined

Bank South Pacific’s digital general manager, Nuni Kulu, said this is an impressive start for BSP digital payments journey with an adoption rate over a four-year period for the PNG market, which has typically taken developed countries such as Australia, Singapore and New Zealand over eight years to achieve.

Pay school fees via mobile banking

BSP Group general manager – retail, Daniel Faunt, said as a more convenient alternative to attending to BSP’s branches to pay children’s school fees, BSP continues to focus on providing digital payment solutions for its customers, which includes the provision of EFTPoS terminals to schools as well as through its mobile phone USSD service. 

Faunt said this in response to an article in one of the dailies, dated Friday 5th February, 2021, quoting a parent calling on banks to provide EFTPoS machines to schools for ease of payments.

Bankers retire

In the presence of BSP Group CEO Robin Fleming, retail bank management and colleagues, the retirees were treated to a hero’s farewell ceremony on Tuesday 29th December, 2020, in Port Moresby. 

The group comprised of janitors, customer service officers and managers with years of service with the bank ranging between 30 and 40 years.

Amongst them was Madang branch customer service officer, Steven Wapikwari, who reflected on his term of service as “loyalty to one’s employer”.

‘I want to change for my son’

John, a new father, came forward to seek help in late 2019. He grew up watching violence being perpetrated and the effects of which has impacted his behaviour towards his young family. He said the constant reminders on Bel isi PNG services and awareness on family sexual violence made him realise that he needed help.

“The feeling of responsibility as a man and questioning myself on whether I was doing enough to break the cycle bothered me. I had to accept that my behaviour was not something I wanted my son to learn,” John shared.