25 C
Port Moresby
October 24, 2019
Business News

BSP Half Year Results Announcement

By Meriba Tulo – EMTV News, Port MOresby

On the back of its half year result announcement, BSP Group CEO, Robin Fleming, today provided further details to the performance of the bank in the first six months of this year. As expected, the PNG market has again provided the foundation for much of the bank’s half year result – a net profit after tax of 434.9 million kina.

The Chief Executive Officer of Bank South Pacific provided an opportunity to explain to media and investors, the half year performance of the Bank. According to CEO, Robin Fleming, despite a subdued economic climate in PNG, and throughout most of the Pacific region, BSP still managed to continue its record of positive financial performances, with a half year net profit after tax of K434.9m.

Among the highlights for the first six months of 2019, a healthy loan book – with provisional loans trending at 4.7%. However, given the current economic climate, the bank has also realised a slight increase in non-performing loans – with the ratio of NPL’s now at 2% – much of these from unsecured personal loans. The slowdown in the property market also added to a slight increase in non-performing loans.

Whilst the bank has seen an increase in transactions through its digital platforms, a slight decrease in the proportion of account deposits has also been noted. Something which the bank is confident it can manage in the immediate future.

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