BSP Cook Islands delivers K7mil profit

The National Business

BANK South Pacific (BSP) Cook Islands delivered a net profit after tax of NZ$3.32million (K7mil), for the year ending Dec 31, 2019.
This is an 11.1 per cent increase from the previous financial year.
In announcing the results, BSP Cook Islands country head David Street noted that 2019 was another successful year financially for BSP.
The country enjoyed several years of continued economic growth culminating in the country’s graduation to high income status (OECD – July 2019).
Highlights of the BSP Cook Islands performance include:

  • TOTAL assets for BSP increased by 17.9 per cent or approximately NZ$38.9mil (K82mil) to NZ$257mil (K542.3mil);
  • BSP net operating income was up by 4.5 per cent for the year predominately from interest income from loans and advances; and,
  • BSP capital base remained sound, total capital adequacy at the end of last year was 19.9 per cent.

The capital adequacy ratio exceeded the minimum Financial Supervisory Commission (FSC) prudential requirement of 10 per cent.
Street acknowledged BSP Cook Islands staff for their efforts which resulted in another excellent year.
“BSP strategic focus for 2020 continues to be based around the customer’s digital experience and we expect to introduce several new initiatives.”