Bank vows to retain operation despite state of the economy

Business

THE Bank South Pacific is expected to attain its financial forecasts for the year despite the challenging economic climate.
Chief executive Robin Fleming said the bank would not be making any major adjustments because of the state of the economy.
He announced the bank’s half-year results on Friday.
“On whether the bank’s operation could be affected by the subdued economic outlook contained in the mid-year economic report by treasury, no major adjustments were needed,” he said.
“We reviewed at the board meeting our full-year re-forecast and the run rate we have is certainly what we consider to be of similar range to market guidance purpose for our investors.
“While the government indicates that it will be handing down a supplementary budget and considering options for foreign exchange, government expenditure in the first half of the year is relatively constrained in any event. Therefore we don’t necessarily see any major changes to our operating environment.”
He said any foreign exchange liquidity package could provide some more stimulus to businesses.

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