Robin Fleming

BSP Delivers Strong Financial Result

However, the new K190m Additional Company Tax (ACT), which only applies to BSP in the banking sector, has had a significant negative impact on Q1 results, with Group profit falling to K69m after expensing the tax in full in the first quarter.

According to BSP Group CEO, Robin Fleming, the pre additional company tax Q1-2022 financial results were driven by improving economic conditions and income growth, when compared to Q1-2021.

“Growth in BSP’s offshore branches and PNG Bank were the main drivers for the overall uplift in underlying Group NPAT,” said Fleming.

Improved banking facility for BSP Namatanai Branch

The BSP Namatanai Branch opened its doors today with an upgrade from sub-branch to a branch, offering more banking services for customers in Namatanai.

In opening the upgraded branch, BSP Financial Group CEO Robin Fleming said: “Our bank is committed to our people in New Ireland and particularly to the people of Namatanai.

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.

Challenging period for Pacific nations: BSP

BSP Group CEO Robin Fleming, when releasing BSP’s Economic & Market Insight December quarter, said: “Whilst natural disasters and external economic shocks pose a constant threat to economic growth and fiscal sustainability for each Pacific nation, pleasingly these economies have positive growth outlooks in 2020.”

No fee increase in five years: BSP

BSP CEO, Robin Fleming, said this in response to the Independent Consumer & Competition Commission (ICCC) statement calling on the bank to remove some fees and reduce interest rates to encourage a savings culture.

ICCC Commissioner and CEO, Paulus Ain, said this after BSP announced another strong performance for 2017

In response, Fleming said BSP is always conscious about the plight of customers and consumers who have experienced financial difficulties in recent years.

BSP eyes Laos

BSP CEO, Robin Fleming, says Laos is being considered as part of its expansion adjacent to its current position in Cambodia.

Fleming recently spoke to Loop PNG on BSP’s service expansion plans for 2018.

He said for BSP Finance, they will focus on its expansion in Asia.

“The BSP Finance now that we’ve opened in Fiji, Solomon, NG and Cambodia, the other markets are possibly not quite as large to require a wholly independent BSP finance joint venture.

BSP staff to increase

CEO Robin Fleming said much of the staff increase will focus on the retail section of its services to address the long client queues.

“We think there will be further staff number increase in PNG, more so than other countries during the course of 2018. We do realise we need to provide staff to certain areas, particularly in the retail area. None of us like to see the queues,” Fleming said.

He added the bank has a high focus on developing staff, beginning with its graduate and senior leadership program.

BSP to announce relief efforts

CEO Robin Fleming said most of their operations remain open, while severely affected areas have been closed due to ongoing aftershocks being experienced.

They include Moro (Southern Highlands Province), Mendi (SHP) and Tari (Hela).

He said all staff in the area have been accounted with relief packages sent to them.

“By and large most branches have been open, and continue to provide services where we can. And we’ll be making a formal announcement and relief packages later today. 

“Our thoughts are with those affected,” he said.

BSP launches new visa cards

Now containing microchip technology, the enhancements protect customers against card fraud.

Additionally, the new card enables ‘touch and go’ technology, allowing customers to make transactions much quicker.

The new visa cards were launched in Port Moresby on Thursday night by BSP Group CEO, Robin Fleming.

“And it is important for PNG to be able to have a world class system,” said Fleming.