Bank South Pacific group of companies has recorded sound results in its 2012 financial year.
Chairman ofthe board of directors Kostas Constantinou saidthe bank achieved a profit after tax of K407.74 million. The financial results have been achieved against continued strong domestic growth ofthPNG economy, driven by LNG development.
The Bank of South Pacific groups include banks in Fiji andthe Solomon Islands.
IPNGInflation and foreign exchange volatility have beenthe macroeconomic factors driving monetary policy.
Growth fromthe bank has been achieved with customer transaction volumes supported by product and process revisions; and growth of electronic banking channels.
The GDP growth initiated by major mining and gas projects is translated into sustainable economic and social development. This will enable businesses to begin in preparation for post LNG.
Mr Constantinou saidthe 2012 result is an indication ofthe positive impact ofthe changes being implemented by BeP.
He is also confidentthe group will meetthe challenges of 2013 and return a more profitable result atthe end of this financial year.
Meredith Kuusa, National EMTV News