OK Tedi Mining Limited Awards K300,000 in Scholarships to Ten Students

In a landmark achievement, BSP Financial Group Limited (BSP) has posted a staggering K1 billion in statutory profit for the fiscal year 2024, reflecting a robust 17% surge compared to the previous year. This impressive financial performance underscores the group’s resilience and strategic focus amid evolving market conditions.

According to Group CEO Mark Robinson, the standout results were driven by increased business volumes and revenue growth across BSP’s operations. However, this was partially tempered by a K254 million uptick in operating expenses, primarily attributed to significant investments in technology upgrades and modernization efforts aimed at enhancing service delivery and operational efficiency.

The company’s pre-tax earnings also saw a notable rise, climbing 18% to reach K1.8 billion compared to FY23. In line with its commitment to rewarding shareholders, BSP declared a final dividend of K1.21 per share, scheduled for payment on 21 March 2025. This brings the total dividend payout for FY24 to K1.66 per share, marking a 16% increase from the prior year.

BSP’s financial health remains solid, as evidenced by a strong return on equity of 23.3% and a capital adequacy ratio that exceeds the Bank of Papua New Guinea’s (BPNG) mandated threshold of 12%. These metrics highlight the institution’s stability and capacity to support future growth.

Speaking on the bank’s forward-looking strategy, Robinson outlined a comprehensive four-year investment plan designed to elevate operational capabilities and reinforce BSP’s standing as the premier international banking entity in the South Pacific region. The initiative underscores the group’s dedication to innovation, customer-centric solutions, and long-term value creation.

With its latest achievements and strategic roadmap, BSP Financial Group is poised to continue leading the financial services sector while driving economic progress across the region.

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OK Tedi Mining Limited Awards K300,000 in Scholarships to Ten Students