Bank South Pacific has achieved a pleasing result for them and their shareholders in the 4th quarter of 2014.
This was announced by the bank’s CEO, Mr. Robin Fleming during the presentation of the 2014 Full Year Financial Results to Analyst and Brokers in Port Moresby today.
Achievements include a considerable operating profit after tax of K507.3million, a 4% increase of revenue, a reduction of K41.7million in expenses and bank’s capital remains sound.
Fleming says, this plus other important achievements reflect the strong growth in the firm despite a slowdown in the economy during the year.
This includes the launching of the first Home Ownership loan scheme with the support of the National Government. Customers meeting the criteria are able to access a Housing Loan at very low interest rates, over a term of 40 years.
“We did outperform our competitors in PNG and the result reflects strong contribution across all lines and equal across all countries,” Fleming said.
“Clearly 2015 will be more difficult year, but the increase in landing portfolio gives us a good platform to be able to maintain solid net interest income return.”
“We do continue to focus on cost, the non-organic growth via BSP Finance and BSP Capital and asset acquired in the Pacific should be equally be able to provide additional revenue stream.”
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