Despite some challenges, Bank South Pacific managed to record a consolidated profit after tax for the year ending 31 December 2017.
In a presentation to Shareholders today, BSP Group CEO, Robin Fleming gave an overview of the results, as well as an insight into what the bank expects this year.
BSP Group Chief Executive Officer, Robin Fleming provided an overview of the bank’s performance in 2017.
Among the highlights, the bank recorded a total income of K1.99 billion – up 11.5% from the previous year; Total Assets increased by 7.4% to K22.4 billion, and a Net profit After Tax of K757 million – up 17.6% from 2016.
Much of these positives results were driven by an increase in revenue – this due to growth within the bank’s interest income streams, particularly from its loans and advances.
Its Loan books saw significant growth, by around 11%. In 2017, loans and advances to customers grew to K10.1 billion.
Addressing today’s presentation, Mr Fleming believes there is still room for further growth, within middle-income earners.
Looking forward, BSP has also entered the Life Insurance business, with the bank recently receiving a license from the Bank of PNG.
According to Fleming, there is opportunity for growth within this sector.