BSP shareholders getting slice from K844mil profit

By GYNNIE KERO
BANK South Pacific will pay its shareholders K1.01 as dividend next month.
This is on the back of a K844 million net profit recorded in the 2018 financial year.
Chairman Sir Kostas Constantinou said it was an increase of 11.5 per cent on the previous year’s K757 million.
“Satisfyingly each one of BSP’s local and overseas businesses has delivered stronger profits in 2018 despite being presented various macroeconomic challenges,” he said.
“Our 2018 financial year marks the third successive year BSP has delivered doubled digit profit growth and, since 2013, a compound annual growth rate of 14.2 per cent.”
Chief executive officer Robin Fleming said after the annual general meeting BSP had been able to deliver “a better than market performance for 2018” with a net profit of K844 million and a final dividend of K1.01 to be paid on June 22.
“That’s a yield of close to 12.5 per cent.”
From the K844 million, K640 million will be paid to shareholders.
“A significant profit increase, (and) a significant dividend to our shareholders as well.
The shareholders include Nambawan Super Ltd, Kumul Consolidated Holdings, Nasfund, Fiji National Provident Fund (more than 5 per cent), Comrade Trustees, Credit Corporation and “other PNG institutional investors”.
“In the first quarter of 2019, we reported a net profit of K214 million which is an eight per cent increase compared to same period last year.
“There will be some challenges in respect to domestic liquidity and capacity to grow the loans.”
Fleming said the bank had not increased its fees in the last five years. It has representatives and in the 22 provinces.
“The bank’s assets have grown by 3 per cent to K23 billion.”