BSP Fiji reports K77.3 million net profit for last year

BANK South Pacific (BSP) Fiji reported a net profit after tax of FJ$52.1 million (K77.33mil) for the 2019 financial year.
In announcing the results, BSP Fiji country head Haroon Ali said this was 23.2 per cent up on the previous year’s net profit after tax of FJ$42.3 million (K62.79mil).
In releasing this statement, Ali said: “Loans and advances increased by FJ$91.6mil (K135.97mil).
“This is reflected by an increase in loan market share from 25.4 per cent (Dec 2018) to 25.9 per cent (Dec 2019).”
Deposits also increased by FJ$120.5mil (K178.87mil), increasing deposit market share from 23.4 per cent (Dec 2018) to 24.2 per cent (Dec 2019).
Prudent cost management throughout the year has yielded a lower cost to income ratio at 46.7 per cent which is 9.4 per cent lower than previous years cost to income ratio of 56.1 per cent.
Ali added that this was an excellent result despite the subdued economic conditions and tight system liquidity for most of the year and acknowledged the BSP Fiji team for their efforts in 2019.
Across the region most economies in which BSP operates experienced positive growth.
Fiji’s GDP did slow down to around 2.8 per cent.
Ali’s announcement comes after the BSP chairman Sir Kostas Constantinou released the BSP group full year results to Dec 31, 2019, last week, noting a record consolidated operating profit after tax of K890.4mil, a 5.5 per cent increase from 2018.