BSP income reaches K1bn in 2017

Bank South Pacific (BSP) has reached a milestone, recording a net profit before tax of K1.99 billion for the first time in 2017.

The bank has continued to perform well despite the tough economic conditions over the past few years.

The milestone has resulted in an operating profit after tax of K757 million, a 17 percent increase from 2016.

BSP CEO Robin Fleming said the result is an indication of strong performances mainly in PNG, with interest income coming from the corporate sector contributions from its other Pacific markets.

“The corporate teams here and in the region have been able to effectively identify opportunities and that’s because of PNG’s very good product offering, not just in corporate but all around PNG and the other countries as well,” stated Fleming.

BSP highlights increases across key business areas which include net profit after tax, total assets, cost to income ratios improvements and dividend yield.

Fleming said there will be challenges in 2018 but they expect 2018 results to be similar to 2017.

“Our targets are always ambitious, we realise that as the number one bank in PNG, it’s not just the profit objective which is ensuring we’re able to provide the services; don’t disregard the PNG population.

“We continue our expansion, make sure that our delivery of basic financial services, basic finance services keep pace with the economy.”

Other highlights for BSP in 2017 include the opening of BSP Finance Cambodia and the licensing of BSP Life Insurance.

Cedric Patjole