Photo credit: BSP
Despite continuing to face reduced economic activity, BSP Financial Group Ltd has issued its unaudited September 2021 results, with a Net Profit After Tax of K698 million.
COVID-19 continues to have an impact on enterprises in all nations, although tourism-dependent countries have been hit more than others due to limited or non-existent international travel.
BSP Group CEO, Robin Fleming said: “With overall system lending in all countries contracting as the business became more cautious with investment decisions, interest on loans had reduced somewhat compared to the previous quarter, but non-lending income remained strong, based on more transaction growth and increases in merchant activity.
“Costs had been contained through a combination of more favourable exchange rates during the quarter and a considered approach to discretionary expenditure.”
On October 18, Kumul Consolidated Holdings, Nasfund, Nambawan Super, Teachers Savings & Loans, MVIL, Petroleum Resources Kutubu, Credit Corporation, and Fiji National Provident Fund received an interim dividend of K0.39 per share, totalling K182 million.
The price of BSP shares on the PNGX jumped to K12.31, while BSP shares on the ASX were trading at $5.00. BSP also made a significant contribution to PNG's business tax collection, paying K295 million in company tax last year, accounting for around 17% of total company tax paid in the country.
Finally, CEO Fleming emphasized BSP's commitment to providing traditional branch-based services to customers in all provinces of PNG, citing recent sub-branch upgrades such as Koroba and Namatanai, the re-opening of Kerema in September, and upgrades of Palmalmal before the end of 2021 and Telefomin early in 2022.
Reference: Loop (28 October 2021). “BSP Delivers K698m Profit”.
