Bank South Pacific

K50 million in loans to SMEs

According to BSP, more than 200 SME loans have been acquired by SMEs throughout the country.

CEO Robin Fleming says assisting SMEs in the country is one of the major focuses for the bank.

“We’re very strong in helping SMEs. This is one of the board’s directives to management, to help the small Papua New Guineans, help them into business,” he said.

“We get questions from the board about SMEs. What are we doing? How are we promoting young Papua New Guineans? How are we promoting businesses?”

BSP home ownership loan rate reduced by 1%

CEO Robin Fleming announced on Friday that a decision was made during the Annual General Meeting.

The decision will drop reduce the current repayment rate of 8.45 per cent 7.45 per cent.

“We also made a decision today to reduce our home loan rate by one per cent which will benefit many of the Papua New Guineans who have home loans with BSP,” said Fleming.

The decision comes into effect on the 01st of June.

Meanwhile, Fleming also announced the near refurbishment of its branches in the capital city as well as the opening of a new sub-branch.

BSP announces K486m final dividend

This follows a determined final dividend of 79 toea for 2016, and together with the 25 toea interim dividend paid in October 2016, brings to a total dividend of K1.04 per share.

The final dividend announcement follows a strong performing year for BSP which recorded a K643.5 million net profit after tax (NPAT), an increase of K111.6 million from 2015.

The total dividend represents a yield of 10.95 per cent on the current share price of K9.50 (as at May 10th 2017).

BSP wins HR award for 4th year in a row

The banking chain received the award from the PNG Human Resource Institute this week on having the best HR practices and industrial relations.

In a media statement BSP General Manager Human Resources, Hari Rabura, thanked PNGHRI for the recognition and said the bank was proud to receive this prestigious award.

She acknowledged the support of a strong and vibrant Board and Executive Management team for investing in the firms greatest asset – its human resource.

Mead new BSP brand Ambassador

Mead is a Papua New Guinean professional rugby league footballer who currently plays for the Brisbane Broncos of the National Rugby League (NRL).

Robin Fleming, BSP CEO said the athlete was chosen based on the bank's values for integrity, professionalism and qualities among others and his simplicity and career with rugby.

The bank also admires how Mead recognises his Papua New Guinean roots and everybody who have contributed to his career.

"We are PNG, so we have chosen an elite athlete for an elite bank.

KAML gain positive returns

KAML Chairman Sir Rabbie Namaliu said it was achieved because of its investment portfolios.  

Sir Rabbie said, the Fund recorded a valuation gain of K3.8 million resulting from the strong performance of Bank South Pacific (BSP) share price which rose by 20 per cent over the year.

BSP represented 21.9 per cent of the Fund at year end.

Dividend and interest income also contributed to the performance of the Fund with dividends received totalling K3.1 million.

BSP increases interest rates on products

BSP general manager retail Paul Thornton said BSP actively encourages the development of a savings habit through its financial literacy program and they are backing this up with attractive interest rates that reward deposits for their savings.  

“We have increased the interest paid on our Kids Account to a range from 1.5 percent to 2 percent pa.  Previously the range was 0.2 percent to 0.4 percent pa.

BSP opens vault with K15,000 for auditors’ conference

The Bank opened its vault today with a K15,000 cheque for the October 13-14 conference.

“There is also the need for local auditors to keep abreast with business processes, strategic initiatives, technology and risks which challenge the audit profession, and therefore (BSP is) pleased to support this conference,” BSP audit manager Agnes Arua said.

BSP 10 internal auditors will be joining other 150 IIA - PNG financial members for the conference.

Conference Committee Chairman and Treasurer, Pais Noki, thanked BSP for its continued support.

BSP to pay 25 toea dividend to shareholders

Chairman, Sir Kostas Constantinou when announcing the payment today said the Board of Bank South Pacific had approved the Interim 2016 Financial Statements for the six months ended 30 June 2016 where an interim group profit after tax of K301.4 million was announced which was an increase of 12.9% on the corresponding period in 2015.

The interim dividend of 25 toea per share represents:

BSP warns of scams

“In recent months, hoax text messaging has increased due to the wide availability of mobile phones,” the bank said in a statement.

“Scammers also have been calling customers, claiming they are from BSP and advising them they have won a cash prize.  

“Furthermore, there are fraudsters who claim to represent BSP and facilitate loan processing with a commission charged for their services.”