The Bank of South Pacific declares K1 billion profit for 2021

The Bank South Pacific has announced a net profit after tax of K1.075 billion for the financial year 2021.BSP Chief Executive Robin Fleming says the result was driven by the release of COVID- 19 provisions, good foreign exchange revenue, and strong transaction volumes across all markets.

Mr Fleming in a statement noted that overall business sentiments in all countries improved last year.

Business and customers have adapted to the COVID- 19 operating environment, which allowed for provisioning releases and income growth following pandemic-induced lows in the prior year. 

He says investment in staff and capabilities around Anti- Money Laundering and IT service were the main drivers of cost increases in 2021.

Fleming adds that given the strong profit results, the Board have announced the final 2021 dividend payment of K1.34 per ordinary share. 

This will be payable on 22nd April, this year. 

Source: NBC News/One PNG News

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