PNG ops key BSP driver

By JACKLYN SIRIAS
BANK South Pacific’s operations in PNG continue to be the key driver of profit contributions across the Pacific region, group chief executive officer Robin Fleming says.
“From the K643.5 million group net profit for the full year 2016 results, PNG alone contributed K52 million whereas the other six countries contributed less than K20 million,” Fleming said.
He said asset growth in PNG remained the highest in the region.
“In terms of loan market shares, PNG dominates 55 per cent of the market while other countries occupy 39 per cent,” Fleming said.
He said in the deposit market, the country’s operation dominated the region with 57 per cent.
“In loans and deposit growth of 67 per cent, PNG has been maintaining its growth in the period of two years (2015-2016) with a high growth in other interest earning assets,” he said.
Fleming said the sale of their Port Moresby head office building had also contributed to the profit with a net gain of K12 million.
He said the group’s other operations in the region have also been producing positive results.
“Fiji, Vanuatu, Samoa, Tonga, Cook Islands and Solomon Islands – have contributed.”