By Meriba Tulo – EMTV News, Port Moresby
Bank South Pacific has continued its strong performance, with the bank today(August 28, 2018), announcing its 2018 Half Year performance to investors.
At a presentation to Investors and the media, BSP Group Chief Executive Officer, Robin Fleming, acknowledged the continuous positive growth of BSP, despite tough economic conditions, especially in PNG.
Whilst market conditions in PNG continued to remain subdued, growth in key areas, including loan portfolios laid the foundations for strong growth, culminating in a group net-profit-after-tax of K418.3 million for the first half of 2018 – a 12 percent increase on the corresponding period in 2017.
Furthermore, BSP has also realized increased revenue through its growing loan book, with the Bank’s total group revenue up more than 7percent from 2017 levels.
Despite a slight increase in competition within the retail banking space, BSP remains confident that it can continue to post positive results, given the performance of its various businesses.