BSP Discusses Coronavirus Plans

Mr Fleming said K$890million (FJ$575.79million) was made in net profit after tax last year.
10 Mar 2020 13:04
BSP Discusses Coronavirus Plans
Bank South Pacific group chief executive officer Robin Fleming.

Bank South Pacific (BSP) group chief executive officer Robin Fleming will meet with BSP Fiji board today to discuss possible scenario planning surrounding concerns over coronavirus.

Mr Fleming said the bank is expected to make an announcement on the outcome this afternoon.

“BSP Life will consider our response to future claims in the event that a pandemic is declared.”

He is visiting from Papua New Guinea(PNG), to attend BSP Fiji’s board meeting.

BSP Life Fiji was the second largest funds management in the group, and the largest life insurance business in PNG.

“As a result of that confidence in BSP Life in Fiji, we have been able to migrate that to PNG this year, which it started selling in January.”

Mr Fleming said K$890million (FJ$575.79million) was made in net profit after tax last year.

Mr Fleming said the group made an increase at a time when a number of banks found it more difficult to maintain profitability.

BSP Group’s capital adequacy ratio of 20 per cent exceeded that of the Reserve Bank of Fiji and its Papua New Guinea counterpart, he said.

Capital adequacy ratio is a key indicator for central banks to absorb shocks in the business the sector, Mr Fleming said.

He said Fiji National Provident Fund was among the top 10 shareholders in the BSP Group, holding in excess of six per cent shares.

“They have overtaken International Finance Corporation and a couple of other PNG investors in that time.”

He said BSP Finance Fiji was one of the most profitable businesses in the finance group.

BSP Fiji country head Haroon Ali said the bank paid $2.2 million in bonus pay out last year, which was over and above salary reviews.

He said the bank continued to honor its staff through unmatached benefits and would make a payout today to its union members.


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