BSP

The Group profit after tax was up by 10% (+K15m) to K158.1m from K143.3m in the first quarter of this year.

Group’s Deputy Chief Executive Officer Johnson Kalo said the increase was mainly from Interest and Lending income as well as FOREX income driven by more foreign currency being traded in the quarter.

The Group’s Year To Date (YTD) Net profit after tax (NPAT) is K301.4m improved from (pcp) of 2015 (K267m), 39% of the increase coming from new Acquisitions.

In a statement released by the Port Moresby Stock Exchange, BSP Chairman Sir Kostas Constantinou stated that the MoU also allows for the expansion of the JV activities into Fiji via BSP’s established insurance subsidiary in Fiji.

He added that the strategic objectives captured by the MoU are consistent with the Group’s geographic and business diversification strategy.

In a statement released by the Port Moresby Stock Exchange (POMSOX), Chairman of BSP Sir Kostas Constantinou when announcing the appointment welcomed Sam to the board.

Sir Kostas said Sam’s appointment will see a continuation of BSP’s Board renewal process.

He also stated that he is confident that Sam will contribute positively to the Board’s performance.

Sam is a qualified and experienced accountant.

He holds a Bachelor of Commerce from the University of Papua New Guinea and is a Member of CPA PNG.

The funding will boost health patrols and reach more rural areas in 2016. This means, more children receiving immunisation, mothers getting antenatal attention, dental services and health education and awareness.

BSP came on board as a sponsor in 2015 to support their work in the community. Through this support, ADI was able to continue to work in establishing and coordinating integrated Health Patrols, visiting 26 Health Centres across Sentral East Coast, Tikana, Lavongai, Nimimar, Namatanai, Konoagil, Murat and Sentral West regions.

Women representatives from the Porgera District Women’s Association (PDWA), Red Wara Women’s Association and the Porgera Urban Women’s Group took part in the training.

The training was facilitated by Barrick (Niugini) Limited (BNL) Community Development Section- Economic Programmes.

The training was delivered by BSPs consultant trainers Fred Tieng and Satsi Zisomein from the Community Affairs and Business Management Services (CAABMS) – a company specialising in community consultation and development, business development and providing skills building training.

However, BSP’s Economic and Market Insight stated that PNG’s GDP is expected to normalised after posting strong growth (8%) over the last decade.

The report stated that the economic growth is expected to be around 4.3%, the ‘new normal’ in 2016 driven by a rebound in the mining and non-mining sectors.

There were some positive developments with OK Tedi Mine (OTML) resuming operations on March 1, after a seven-month stoppage.

Tigibi (Ambua) Primary, Habare SDA Primary and Hela Technical High School received a brand new 9000 litre water tank each as part of the BSP’s community project for 2016.

This now means the students focus more on studies instead of fetching water from the creek for use and consumption. Clean water also means improved hygiene and sanitation for the school students and teachers.

The school’s principals, Sueann Waiange, Ben Norma and Jim Kulyali expressed gratitude and praised BSP for providing the tanks.

The Group recorded a consolidated operating profit after tax of K531.9 million for the 2015 financial year, a 4.8% increase on the consolidated 2014 operating profit after tax of K507.3 million.

The total assets of the Group increased, by approximately K2.4billion to K18.196 billion, partially due to the acquisition of Westpac’s Pacific branches in Samoa, Tonga, Cook Islands and the Solomon Islands.

The Group’s revenues have also increased 3.2% during the year.

In a statement, BSP warned that hackers may come through letters, phone calls, email or sms message requesting you to, verify, update or give your account information?

“Have you been asked to, Refund part of a cheque proceeds?
“Send money overseas to an unknown person?
“Send money to receive a prize or inheritance?

“Are you cashing or depositing a cheque for any of these reasons, winning a prize, competition or lottery you never entered. 

If you answered "YES" to any of the above, you may be getting SCAMMED. 

Bank of South Pacific (BSP) is working closely with the Central Bank of Solomon Islands (CBSI) to obtain the necessary approvals and discussions with the CBSI have been positive and have well-progressed.

This was revealed in a statement by BSP Group chairman Kostas Constantinou.

He says BSP is confident for a positive conclusion of the new application that is before the CBSI to allow the transaction to proceed shortly thereafter.