Bank South Pacific released its 3rd Quarter Report today, announcing a net after tax profit of K165.3 million.
The profit represents a 5 per cent increase, which is K7.2 million more than the profit from the previous quarter.
BSP Group CEO, Robin Fleming, said the 3rd Quarter Report also reflects the acquisition of BSP Vanuatu and its impact on Group results compared to the previous quarter.
The bank achieved some sound financial growth and good income. Total revenue increased by 5% to K456 million. Net interest income increased by K14 million. Mr Fleming said despite the tough economic situation, there was no major migration to come under a stress category, adding that stakeholders will be getting profits.
On the balance sheet, the Bank’s total assets increased by 4% to K20.5 billion at the end of Q3.
Some activities of the bank include maintaining sub-branches. One of the concerns raised by Mr Fleming is the continued pressure of maintaining security and operations of rural BSP sub-branches because of law & order issues.