BSP declares dividend of 1.37 toea

Business, Main Stories

THE Bank South Pacific board of directors has declared an interim dividend of 1.37 toea per share for this year brought about by the solid results during the first six months..
BSP chairman Noreo Beangke said the bank’s good performance was due to a solid year-on-year profit increase, resilience and recovery of prices of key exports and the optimism of the LNG project.
A consolidated operating profit of K209.05 million was recorded for the first six months, an increase of almost 10% on the consolidated operating profit of K190.48 million achieved for the same period last year, which left a profit of K163. 45 million after tax.
The first-half results reflected moderate net interest income performance, robust non-interest income growth, and the integration of the newly-acquired businesses in Fiji.
Some benefits were also starting to be realised from investments in operational and management improvements under the bank’s transformation programme.
The interim dividend is expected to be paid on Nov 15, with ex-dividend dated Oct 25 and a record date of Oct 29.
Beangke said the bank’s capital position was  sound and that the first interim dividend payment was paid months after a full and final special dividend of 4 toea per share last year.
“Whilst the impact of lower returns on investments will pose some challenges, BSP expects continued solid underlying performance for the rest of the year,” Beangke said.
The group achieved continued growth in total assets, to K9.815 billion at of last June, and maintained a cost to income ratio of 47% for the half-year, within expectations set earlier in the year.