Bank South Pacific (BSP) hosted its annual general meeting today in Port Moresby.
BSP Group CEO, Robin Fleming, made a presentation to shareholders on the Banks overall performance in 2015, as well as the performance Summary of the 1st Quarter of 2016.
The presentations showed that it was another successful year for BSP with a majority of its businesses having performed well despite challenging times.
A media conference was held following BSP’s Annual General Meeting, to present the Banks 1st Quarter results.
It was conducted by BSP Group CEO, Robin Fleming and Board Chairman, Sir Kostas Constantinou.
Mr Fleming said people have been putting forth negative sentiments about the PNG economy and whilst some downturn in economic activity was experienced in certain areas, there are a lot of positive sentiments that need to be recognized for future progress.
The Q1 results include a K143.7 million in net profit after tax. This is a 2% increase from the outcome of the last quarter;December 2015.
Regarding the Bank’s 2015 performance, Mr Fleming said the year reflected a strong better than market performance and the execution of BSP’s growth strategy around the pacific where it acquired the businesses of Cook Islands, Samoa, Tonga, and Solomon Islands.