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Bank South Pacific profit hits K281m

Bank South Pacific (BSP) achieved a consolidated operating profit of K281.2 million this year, up 2.8% from K273.5 million of same period last year.
Chairman Kostas Constantinou released the result for the half-year to June 30, 2013, last Thursday.
Steady first-half results this year followed the solid full year results for the bank. 
Conditions contributing to last year’s second-half performance continued during first half of this year, although economic growth slowed with the LNG major construction phase coming to an end. 
While inflation remained a threat to the economy as evidenced by increase in operating expense, interest rates on BSP bills declined slightly from low levels where they ended last year.
Half-year results revealed that BSP had also performed well, posting a slight increase in operating profit before tax over the corresponding period of last year. 
After tax profit was K204.5 million compared with K204.0 million for the same period last year.
The bank said the growth of noninterest income (which is now at 50.5% of total income) offset increases in impairment, depreciation and tax expenses. 
BSP said that trading conditions may become more difficult in the second-half of this year and the management team was looking to introduce cost savings initiatives in the second-half of this year, with real impact in 2014. 
Half-year result also revealed the consolidated revenue growth of 11% was achieved while maintaining a controlled lending strategy that has seen interest income at a reasonable rate. 
Business demand for credit was up in the first-half of this year although at a slower pace.
However, the bank said there had been a strong performance from foreign currency earnings.
Capital expenditure across the network under BSP’s transformation programme continued for committed projects, but overall is reducing compared to prior years. 
BSP group assets continued to grow, rising from K13.333 billion at the end of last year, to K14.827 billion as of last June.

The National/ One PNG News

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