BSP sees 23pc growth in first six months of 2017

THE Bank South Pacific group recorded a K370.9 million profit in the first six months of 2017 – representing a 23 per cent profit increase when compared to the same period last year.
Group chief executive Robin Fleming said the BSP group had again achieved solid results despite the subdued economic conditions.
According to the report, total assets increased by around K0.901 billion to K21.733 billion due to the increase in the loan book across all countries it operates in.
“The growth in group revenues have increased 17.9 per cent, derived from interest income streams, in particular from loans and advances, with BSP growing its loan book by 6.4 per cent,” it said.
This was despite the increase of the bank’s operating expenses of K41.5 million due to the take-up of the Vanuatu half-year cost acquired on July 1, 2016, including other expenses.
The report said BSP’s overseas operations and subsidiaries all contributed strongly to the 2017 result.
Revenues from foreign exchange income increased from K109 million to K133.6 million as a consequence of good export flows.
The report said the bank’s growth was also positive with after-tax profits increasing by 31.8 per cent to K378.9 million from K287.6 million for the same period last year, with 2017 including dividend income of K32 million from subsidiaries that eliminated on consolidation.
“Total assets of the bank at the half-year 2017 are K19.911 billion compared to 2019 of K19.227 billion.”
The bank’s loans and advances to customers’ portfolio had seen net growth of K0.468 billion to K9.723 billion as customers’ deposits continued to grow steadily up 3.7 per cent to K16.7 billion.