Business News

BSP Posts Third Quarter Profit

by Meriba Tulo – EM TV, Port Moresby

Bank South Pacific has recorded an after tax profit of K122 Million for the 3rd quarter of this year.

This represents a 16.3% percent increase from the corresponding period in 2013.

In a presentation to investors, analysts and the media, BSP Deputy CEO and Chief Financial Officer, Johnson Kalo, gave an overview of the bank’s performance.

Despite revenue decreasing slightly, due to the current foreign exchange trading band margins imposed by the Central Bank, BSP was able to mitigate this by a reduction in BSP Group’s operating expenses.

The results from the 3rd quarter bring the total profit after tax for 2014, to K384.5 Million – an increase of 24.2% from the corresponding period in 2013.

BSP is also looking to further strengthen its presence in the financial sector, with a new subsidiary, BSP Finance, which will commence operations in Fiji on the 10th of November.

Given the positive performance so far, BSP remains confident the Bank will continue to adapt to challenging market conditions, and continue to deliver a sound underlying performance.

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