Bank South Pacific has released the results of its full financial year to December 31, 2013.
And despite a slowdown in the PNG economy during the year, BSP Chairman of the Board of Directors, Kostas Constantinou, said the bank had managed to achieve sound results.
The BSP Group achieved a consolidated operating profit before tax of K607 million for 2013, this, an 11.3% increase on the 2012 profit of K545.3 million.
The group result after tax is K436.8 million; there was also an increase in the group’s total assets, from K2.476 billion, to K15.809 billion.
Customer loans and receivables saw a net growth of K493.4 million to K5.26 billion.
Customer deposits continue to grow strongly, more so in the corporate segment in Fiji, and in the retail and government sectors in PNG.
Mr Constantinou said most of the bank’s revenue came from non-interest income streams, more particularly, from foreign exchange earnings in the country.
But BSP did also record what it called ‘aggressive competition’ in the corporate lending markets in both PNG and Fiji. This had an impact on its net interest income.
Customer transaction volumes have been met and the expansion of electronic banking facilities through the network of EFTPOS merchants, agents and devices and increased mobile phone banking transactions.
With the strong 2013 figures, Mr Constantinou said the Group was confident in BSP’s capabilities to meet the expectations of shareholders in 2014.
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