BSP records net profit of K255.5 million

Business, Normal

BANK South Pacific (BSP) has recorded a net profit of K255.5 million for the period ending Dec 31, 2009, up 11% from K228.3 recorded in 2008.
Its consolidated operating profit (before tax) was K378.1 million for Dec 31, up 15% from K328.8 million in 2008.
BSP chairman Noreo Beangke, in the announcement to Port Moresby Stock Exchange, said last year’s results reflected moderate but reasonably stable and resilient business conditions during the year, as some effects of the global financial crisis became more directly apparent in the economy.
The group’s total assets last year was K9,398.7 million, a hefty 38% increase of K2,590.8 million from K6,807.9 million in 2008.
While this growth reflected continuing organic business growth in the bank of just over K1,160 million in PNG and its Pacific Island branches, Mr Beangke made special mention of the achievement.
He noted that during a time of general tentativeness in the global business environment, BSP added a further K1,430 million of assets (along with 18 bank branches) through the acquisition of the National Bank of Fiji and Colonial Fiji Life Ltd last November, clearly underlining the bank’s expansion strategy in the Pacific region.
He said BSP maintained its strong performance last year.