BSP reports K531.9 million profit after tax

Business, Normal

The National, Friday March 4th, 2016

 The Bank South Pacific group reported a consolidated operating profit after tax of K531.9 million for the 2015 financial year.

It is a 4.8 per cent increase on the group’s 2014 consolidated operating profit after tax of K507.3 million.

According to financial report from last year, the group’s total asset increased by approximately K2.4 billion to K18.196 billion, partially due to acquisition of Westpac’s Pacific branches in Samoa, Tonga, Cook Islands and the Solomon Islands.

The bank said the group’s revenues increased 3.2 per cent during the year with growth coming from interest income streams; in particular from loans and advances and income from newly-acquired assets.

The bank stated that revenues from foreign exchange income reduced from K267 million to K179 million following market condition changes.

BSP noted that its growth was positive with after tax profits reducing slightly to K505.7 million from K512.9 million in 2014.  Chairman Sir Kostas Constantinou said despite difficult trading conditions and decline of foreign exchange income, last financial year has been successful for BSP group.