K643.5M profit for BSP in 2016

BANK of South Pacific made a K643.5 million profit after tax for the 2016 financial year, which was a 21% increase on the 2015’s consolidated operating profit of K531.9 million.
K643.5M profit for BSP in 2016 K643.5M profit for BSP in 2016 K643.5M profit for BSP in 2016 K643.5M profit for BSP in 2016 K643.5M profit for BSP in 2016


Staff Reporter

BSP chairman Kostas Constantinou said the bank's profit growth was positive with taxed profits rising 20% due to higher interest income as well as a full year's profit from the acquired Pacific businesses.
 "Total assets of the group increased by 14.5% or approximately K2.6 billion to K20.832 billion driven by strong growth in the loan book across all countries."
Constantinou said the loan book growth had amounted to K1.48 billion from increased corporate lending and the acquisition of the former Westpac Vanuatu business on July 1 last year.
He said there had also been a currency translation effect on the movement of the kina that had an impact on the level of total assets.
Group revenue had increased 15.8% during the year from a number of interest income streams in particular from loans and advances, with BSP growing its loan book by 17.2%.
There was also extra income from the BSP finance operations in PNG and Fiji and the full year income from the businesses in Cook Islands, Samoa, Tonga and the Solomon Islands with a half year income from Vanuatu.
"The cost-to-income ratio for the group is at 42.95%, down 1.75% from 44.7% in the 2015 comparative period. The group's capital base remains the same as 2015 on 23.1%."




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