BSP decides on divident payment amid postive outcomes

BANK South Pacific has announced a final divident payment of 91 toea after making a profit of K757 million.
The profit for the 2017 financial year, which was first announced early this year, is an increase of K113.5 million from the previous year.
The divident payment was announced by group chairman Sir Kostas Constantinou on Friday.
He said that despite macroeconomic challenges in Papua New Guinea and other Pacific countries in which BSP operated, the group again recorded positive outcomes.
This final dividend along with the 32 toea interim dividend paid in October last year brings the total dividend payment to K1.23 (K1.04 for 2016) per share, giving a yield of 12.55 per cent on the current share price of K9.80 (as of May 1).
The payout ratio for 2017 of 75.93 per cent is up on 2016’s ratio of 75.53 per cent and up on 2015’s ratio of 75.15 per cent.
Capital adequacy ratios will remain above BPNG guidelines after payment of the final dividend. The planned processing dates for the 2017 final dividend are June 1, record date June 8 and payment date June 22.
On the group’s performance for the first quarter of this month, Sir Kostas said it posted a net profit of K196.9 million or K26.7m above the same quarter in 2017.
Meanwhile, chief executive Robin Fleming said the bank wished to maintain “a professional level in service delivery and a profitable growth for extraordinary shareholder experience”.