BSP setting K1bil profit mark

By MARK HAIHUIE
THE Bank South Pacific Group is expected to record more than a
K1 billion profit after tax in the next three years based on its positive profit growth rate in the past years.
Chief executive Robin Fleming told The National that the target was attainable through investment in non-organic growth.
“It would be a fantastic milestone to achieve and I think it may well require some non-organic growth as well to hit that milestone in the next three years,” he said.
He said the bank was “not actively” pursuing non-organic growth while noting that its strong financial position enabled it to pursue that investment option.
“We continue to have a strategic scanning to assess what opportunities may present themselves. We got a balance sheet which is well structured from a capital perspective to be able to pursue any such non organic growth opportunities,” Fleming said.
“Our targets are always ambitious.
“We realise that as the number one bank in PNG, it is not only the profit objective (but also) it is ensuring that we are able to provide the important services as we continue our expansion and make sure that our delivery of basic financial services and transactions keeps pace with the economy.”