26 May 2009

PNG's BSP posts a record net profit

11:27 am on 26 May 2009

Papua New Guinea's largest commercial bank, Bank South Pacific achieved its best financial position last year.

The Post Courier reports Chairman, Noreo Beangke, as saying that BSP honoured its commitment to shareholders by posting a record net profit of around 84 million US dollars - an increase of 19.47 per cent on the previous year's profit.

Mr Beangke told more than 200 shareholders at their meeting that the record profit - the best yet in the bank's 16 years history - was a 31 per cent return on shareholders' equity.

He said that BSP is a "serious and competitive" bank in PNG and the South Pacific region with branches in Niue, Solomon Islands and Fiji.

Mr Beangke added that BSP was not insulated from the effects of the global financial crisis so it has to be cautious in its operations.