Bank South Pacific Records K647m Profit
Bank South Pacific has recorded K212million profit after tax for its 2019 third quarter results released yesterday in Port Moresby. This brings the bank’s total profit after tax to K647million to date.
Commenting on the results yesterday, group chief executive officer, Robin Fleming, said this growth is expected to flatten in the final quarter and in 2020. He said on loans, deposits have gone up by 1.8 per cent for the quarter adding that each country has continued to increase their lending in their local currencies however once those translation movements are brought back to PNG, it is relatively flat for the quarter.
“More of our assets being invested in loans…. PNG still remains number one in the region. In the key lending and loan portfolio which continues to provide 65 per cent of our lending.
Within PNG there are couple of products that continue to be profitable and that’s housing loans which is certainly popular with our customers, housing loans K570million and of that K260million is in our first home ownership scheme,” he said.
Mr Fleming said in the SME sector, where there are small corporate, a total of K124million has been given to lending with a total balance sheet and an overall asset size less than K3million.
He said this also includes the bank’s smart business area and all these small businesses are quicker when compared to larger businesses.
“Share price has continued to improved and in relatively small volumes K11. 56 the total market capital of K5.4bn the interim dividend was paid out in October and that interim dividend of K0.38 per share was a K178 million with total dividend paid of K650 million in 2019.
Again, a substantial return to our shareholders and many of whom are superannuation funds and therefore anyone who is in the formal workforce benefits from the profit of BSP with that strong dividend policy,” Fleming said.
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