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Solid Year For BSP, Says Constantinou

Despite a slowdown in the PNG economy in 2015, PNG’s biggest bank Bank South Pacific Group has again achieved solid results. Chairman of the Board of Directors, Mr. Kostas Constantinou
08 Mar 2016 10:00
Solid Year For BSP, Says Constantinou

Despite a slowdown in the PNG economy in 2015, PNG’s biggest bank Bank South Pacific Group has again achieved solid results.

Chairman of the Board of Directors, Mr. Kostas Constantinou made this statement when releasing the results congratulated staff and management in all of BSP’s operations across Papua New Guinea, Fiji, Solomon Islands, Samoa, Tonga & Cook Islands on the results achieved in 2015.

The Group recorded a consolidated operating profit after tax of K531.9 million (FJD$391.474m) for the 2015 financial year, a 4.8% increase on the consolidated 2014 operating profit after tax of K507.3 (FJD$7668)  million.

The total assets of the Group increased, by approximately K2.4billion(FJD$7668)to K18.196 (FJD$13.3921) 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.

Revenue growth has come from interest income streams, in particular from loans & advances, with BSP growing its loan book by 27.6%.

“Additional income from the new asset finance operation in PNG, Fiji and the accuqusition of Wespac in the Pacific.’’

SOURCE-BSP

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