BSP Solomon Islands makes K37.36mil profits

The National Business

BANK South Pacific Solomon Islands has announced a net profit after tax of SI$94.1 million (K37.36mil) for the last financial year.
This is compared to profit after tax of SI$96.3 million (K38.24mill) in 2018.
BSP Solomon Islands country head David Anderson announced this week the results for the full year to Dec 31, 2019.
“2019 saw a slight reduction in net profit after tax to SI$94.1 million (K37.37 mil),” he said.
“The decrease was mainly a result of the softening economic position in the Solomon Islands and also an increase in operational expenditure in the business.”
The results are as follows:

  • Deposits from customers remain relatively stable at SI$2.5 billion (K0.99bil);
  • Loan portfolio increased by 4.7 per cent to SI$1.25 billion (K0.49bil);
  • Total income increased by SI$10.5 million (K4.16mil) to SI$231 million (K91.7mil). Majority of this increase was from non-interest income;
  • Total expenses increased by SI$13.5mil (K5.36mil) to SI$86.2mil (K34.23mil);
  • Net profit after tax was SI$94.1mil (K37.36mil); and,
  • Capital & reserves is SI$613 million (K243.43mil) which is well above CBSI minimum requirements.

Anderson also highlighted some of the notable achievements for BSP Solomon Islands during the year with addition of three new ATM machines to its fleet and also replacement of all Visa Cards with EMV chip technology which is more convenient for customers and gives greater protection when using these cards.
“These cards can now be used with ‘touch and go’ technology with all Eftpos merchants across the Solomon Islands and overseas.”
Anderson’s announcement comes after BSP chairman Sir Kostas Constantinou released the group’s full year results to Dec 31, 2019, last week, noting a record consolidated operating profit after tax of K890.4 million, a 5.5 per cent increase from 2018.
BSP Group chief executive Robin Fleming and the board congratulated BSP Solomon Islands on the results for last year.