THE Bank South Pacific board has announced the payment of an interim dividend for 2021 of 39 toea per ordinary share, payable on Oct 18.
Group chairman Sir Kostas Constantinou said for Australian Securities Exchange (ASX) shareholders eligible to receive dividends in Australia dollars, applicable exchange rate on the record date would be used for the conversion.
The interim dividend of 39 toea per share represented:
- A GROSS interim dividend amount of circa K182 million (last year it was K116.8 million); and,
- AN interim payout ratio of 40.5 per cent (30.6 per cent in 2020).
Total dividend declared this year (including the 2020 final dividend paid in June 21) provides a yield of 11.7 per cent based on a share price of K12.30 on PNGX (9.81 per cent based on a share price of AU$5.55 on (K13.86) ASX), compared to 10.08 per cent for 2020.
Sir Kostas said the board was pleased to approve the dividend payout, which was in line with pre-2020 levels.
The group made a net profit of K449.3 million for the period – a 17.6 per cent increase compared to the same period last year of K381.9 million. “The improved half year results, supported by BSP’s strong and well-capitalised balance sheet, enabled this payment,” Sir Kostas said.