BSP makes K890mil net profit

Business

BANK South Pacific produced outstanding results for the group in 2019, according to chief executive officer Robin Fleming.
Fleming told shareholders during the group’s 2019 report presentation in Port Moresby that it was another record result with K890 million net profit after tax.
“The net profit after tax contribution mix again illustrates that PNG is the standout in contributions from the other countries,” he said.
‘The PNG bank contributed 75 per cent of our net profit after tax.
“Offshore branches contributed about 19 per cent while the bank’s subsidiaries generated 5.4 per cent of the net profit.”
BSP PNG’s profit increased by K20 million (to K668 million) during the year.
Offshore branches increased by K19 million (to K170 million) with Fiji and Samoa, being the two standouts.
“BSP Life in Fiji contributed positively to our profit as well.”
Meanwhile, the group’s profit before tax exceeded K1 billion and achieved a compound average growth rate of 13.7 per cent over the last five years.
Across the region, most economies in which BSP operates maintained reasonable levels of growth.
Samoa’s GDP remained at around 3.4 per cent, Tonga’s moderated to 3.5 per cent, Cook Islands was strong at 4.2 per cent, Solomon Islands moderated to around 2.8 per cent, and Vanuatu’s was steady at 3.2 per cent.
Chairman Sir Kotas Constantino said in a statement: “Fiji’s economy contracted to around 1.0 per cent while the region continues to be more susceptible to extreme weather events.
There was no cyclone or other weather event in 2019 of national significance.
“Samoa although did suffer from a measles epidemic in the last quarter of 2019 which sadly saw the loss of many children and, from an economic perspective impacted visitor arrivals.”

11 comments

  • Yes, profits from all the cheating BSP does charging fees from ordinary papua new guinean’s for everyday transactions. When will the authorities take note of what the bank is doing and get banking regulatory authorities to investigate the bank. Similar class actions have been taken against banks in Australia in recent times regarding the types of unnecessary fees charge resulting in banks refunding their clients. We could do similar here

  • Those profits are from cheating. Enough of unnecessary fees charging’s.
    We Low income earners are suffering in silence. Can the people in power say something about it.

  • From these profits, you just don’t see big interest on your BSP account balance. On the other hand, these are daylight rip-offs or excess and extra fees from hard-earning tax payers (both informal & formal sectors).
    And yet the Bank of PNG is doing nothing in managing such corrupt & malpractices from a reputable bank in PNG. Mr. Governor of BPNG, Mr. Treasury and Mr. PM, please wake up! How can you sleep and see your own people suffer.

  • Anyone obtaining a personal BSP loan must double check with the Online BSP Loan Calculator, because loans officers are charging a much higher fortnightly or monthly deductions – compared to what the loans calculator is telling us!! Who is right here and what’s the use of this online calculator?

  • Enough of adding extra charges and deductions on the Bsp customers account every time they excess their accounts.

  • It ok.for 2020 try and cut down in collecting tex
    Enough of cheating to the poor people

  • Can BSP share the dividends to each of the poor customers cos these are our money anyways??

  • Much of this huge profit is believed to be from the unjustified high charges to the BSP customers.
    BSP has been seen providing very very poor services to the customers – eg: one bsp staff serving 1
    2000 _ 3000 customers/day. You can clearly see this happening in Two BSP banks in Lae, where you be able to see customers lining up in the queues outside the bank for almost 1/2 a day every day and this looks very shameful to BSP.

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