Bank South Pacific has announced the BSP Group recorded positive profit gains for the year ending 31st December 2017.
Among a number of positive outcomes, Bank South Pacific Limited (BSP) board chairman Sir Kostas Constantinou declared a consolidated operating profit after tax of K757 million (around $233.5 million) for the Group for the 2017 financial year.
It is K113.5million more than the Group’s 2016 result of K643.5 million, or a 17.65 percent increase. BSP also reported to have achieved a number of significant milestones in 2017, including its first expansion outside of the pacific region.
PNG’s leading bank had extended its business operations to Cambodia, a first, with the completion of participation in the BSP Finance Cambodia Plc joint venture with partners RMA Group.
The Bank also reported to have obtained a provisional approval from the Bank of Papua New Guinea to commence a life insurance business in PNG- BSP Life PNG Limited. And the group’s net profit before tax exceeded K1 billion for the first time.
Overall, Sir Kostas said while global growth has strengthened during 2017, business conditions were somewhat challenging given the modest growth in the countries in which BSP operates.
Notwithstanding these macroeconomic challenges, and notwithstanding somewhat difficult trading conditions in PNG, the 2017 result is notable for the continuation of positive performances for the bank and most of its subsidiaries, as well as additional growth in the group’s balance sheet, Sir Kostas said.
He congratulated staff and management of the group’s banking operations and businesses across PNG, Fiji, Solomon Islands, Samoa, Tonga, Cook Islands, Vanuatu and Cambodia on the results and remains confident BSP will continue to adapt to challenging market conditions in all of the economies BSP operates in.