BSP Financial Group Ltd

The Broncos NRL women's team representatives, led by Broncos NRLW Head Coach Scott Prince, along with wingers Julia Robinson and Shenae Ciesiolka, are in PNG to help BSP drive its program.

The Broncos visit is part of their community engagement drive. This partnership is focused on three key areas of BSP's operations: Education through Financial Literacy, SME, and Leadership.

The staff from the Waigani Head Office also had the opportunity to mingle with the Broncos team.

He pointed out that superfunds have been fundamental investors in BSP, which is a source of pride for all those involved.

Sayer mentioned that Nasfund, Nambawan Super, and Comrades Trustee have invested in BSP, which has branches across the Pacific, including Cook Islands, PNG, and other locations. Adding that businesses across PNG are also venturing out into the Pacific, demonstrating a two-way process.

Sayer concluded by emphasizing the benefits of working together as a cooperative, despite different aims and perspectives.

The reduction was primarily caused by the Additional Company Tax of K190 million and a one-off tax credit of K135 million.

Despite these challenges, BSP's Acting Group CEO Ronesh Dayal stated that the Group's underlying net profit after tax (NPAT) of K1.136 billion represented a 5.7% increase on 2021 profits, driven by improved economic conditions in the Pacific.

Net interest income rose by 8.8%, foreign exchange income increased by 11.2%, and total loans increased by 4.6% to K15 billion.

As part of BSP’s 2022 Community Project Initiatives under its Corporate Social Responsibility in, Wabia Rural Health Centre was selected to undergo refurbishment.

BSP Tari Branch Manager Henry Bayema said despite the election period and its challenges in delivering this project, BSP values the communities it operates in.

The financial boost goes towards the Orchids campaign for the Rugby League World Cup in October 2022 in England.

The cheque presentation ceremony was held between BSP and PNG Rugby Football League (PNGRFL) yesterday, 11th of August, at the Santos stadium.

BSP now joins platinum sponsors Digicel, National Gaming Control Board (NGCB) and Santos.

Officiating at today’s presentation were BSP General Manager Digital, Nuni Kulu flanked by PNGRFL CEO Stanley, PNG Orchids Chairlady, Okaro Yoki and Orchid’s head coach, Ben Jefferies.

During an interview with Mead, the rugby player shared that he is planning to finish up with the NRL Brisbane Broncos this year.

“I’m leading towards finishing up this year, my love for the game isn’t as strong as it used to be. I think it is going to be my last year have not made a final decision yet.

“But I’m more excited about what’s next then continuously run onto the rugby field. I prefer now to peel some oranges on the side line and run out some water bottles for the players on the field,” Mead said.

Established in 2019, HRDF as a development partner to improve the quality of education, health and support sport functions in remote communities in Hela Province. With operation sites located in Port Moresby and Tari, the foundation has extended support to neighbouring Southern Highlands and Enga provinces.

HRDF Founder and Chariman, Eric Yawas, explained that they currently have 10 donation partners and various program support organisations in both PNG and Australia.

Payment of school fee has been an on-going issue for all students, parents, sponsors and education institutions throughout PNG, thus BSP’s online payment solution will cover such issues and a solution to both parties to avoid visiting the branches and for an efficient reconciliation process.

UPNG’s Director of Information and Communication Technology, William Tapio said the payment method the school wants to encourage parents, guardians, sponsors and students to utilize these payment methods to achieve a seamless registration journey for both students and bursary staff.

BSP Group General Manager, Treasury, Rohan George said as FX inflows can be lumpy, there is expected to be periods where outstanding FX orders build up.

“To manage volatility in foreign currency flows, businesses should place FX orders (with correct documentation), as soon as possible, ensure orders are cash-backed while awaiting execution, ensuring tax clearance certificates are current and reflect the expected FX order execution time,” George stated in the BSP Pacific Economic and Market Insight Q1 2022 Report.

According to BSP Pacific Economic and Market Insight Q1 2022 Report, BSP Group General Manager for Corporate Banking, Peter Beswick said Russia’s invasion of Ukraine is significantly affecting global commodities.

“One of the major impacts has been crude oil, with prices having increased from USD35 to USD120 BBL in the last 18 months (240%).