BSP to pay K117m in dividend

SHAREHOLDERS of the Bank of South Pacific are expected to be paid an interim dividend of K117 million for 2016, BSP chairman Sir Kostas Constantinou said.
This represents an increase of 11.11 per cent from last year’s interim dividend with a constant payout ratio of 39 per cent from 2015.
The dividend payment rate is 25toea per share. It will be paid to shareholders on  October 21.
The announcement of the dividend payment coincided with the release of the half-year results for the BSP Group in which a net profit of K301.4 million was declared to the Port Moresby Stock Exchange.
“The payment of the interim dividend recognised the BSP Group’s commitment to its shareholders and that it reflects its desire to ensure that all shareholders benefit from BSP’s profitable operating performance,” Sir Kostas said.
The dividend announcement also coincided with BSP and Kumul Consolidated Holdings entering a memorandum of understanding to jointly operate Pacific MMI Limited in PNG.
Sir Kostas said it would also allow the expansion of the joint venture activities to Fiji through BSP’s established insurance subsidiary in Suva.
“The strategic objectives captured by the memorandum of understanding are consistent with the Bank South Pacific Group’s geographic and business diversification strategy,” he said.