BSP decides on dividend payment amid positive outcomes

BSP group chairman Sir Kostas Constantinou. Picture: SAMOA OBSERVER

PORT MORESBY, 29 MAY 2018 (THE NATIONAL) – Bank South Pacific has announced a final dividend payment of 91 toea after making a profit of K757 million (US$232 million).

The profit for the 2017 financial year, which was first announced early this year, is an increase of K113.5 million (US$34.8 million) from the previous year.

The dividend payment was announced by group chairman Sir Kostas Constantinou on Friday.

He said that despite macroeconomic challenges in Papua New Guinea and other Pacific countries in which BSP operated, the group again recorded positive outcomes.

The payout ratio for 2017 of 75.93 per cent is up on 2016’s ratio of 75.53 per cent and up on 2015’s ratio of 75.15 per cent.

Capital adequacy ratios will remain above BPNG guidelines after payment of the final dividend. The planned processing dates for the 2017 final dividend are June 1, record date June 8 and payment date June 22.

On the group’s performance for the first quarter of this month, Sir Kostas said it posted a net profit of K196.9 million or K26.7m above the same quarter in 2017.

Meanwhile, chief executive Robin Fleming said the bank wished to maintain “a professional level in service delivery and a profitable growth for extraordinary shareholder experience”.