Bank pays out K178 million in dividends

Bank South Pacific has paid out an interim dividend of 38 toea per share this month totalling K178 million, says chief executive officer Robin Fleming.
He said the dividend was paid on Oct 18.
“It’s a substantial return to our shareholders many of whom are superannuation funds,” he said.
BSP’s top 10 shareholders are Kumul Consolidating Holdings Ltd (KCHL), Nambawan Super Ltd, Petroleum Resources Kutubu Ltd, National Superannuation Fund (Nasfund), Credit Corporation (PNG) Ltd, Motor Vehicle Insurance Ltd, Fiji National Provident Fund, PNG Sustainable Development Programme Ltd, Teachers’ Savings and Loan Society and Comrade Trustee Services.
He said the bank had a strong dividend policy. The total dividend paid this year is K650 million.
Fleming said the profit for third quarter of the year was K212 million, the net profit after tax which takes them to K647 million for the year to date.
“This is still above last year and we expect that growth is going to continue to flatten,” he said.
“It is also interesting to point out that Bank of PNG (BPNG) has reduced its kina facility rate (KFR) twice during the quarter.”
He also noted that BSP was the only bank in the country to reduce its lending rates.
Fleming said the share price had continued to improve albeit on relatively small volumes with K11.56 in capital share price and the total market capital was K5.4 billion.