Bank South Pacific (BSP) Financial Group has posted a record half-year net profit of K680 million, driven by strong loan growth and improved net interest margins across its Pacific operations, the bank announced in its interim results statement.
The result represents a 14% increase on the same period last year and comfortably exceeded analyst expectations of K610 million. BSP's share price rose 3.2% on the Port Moresby Stock Exchange following the announcement.
Revenue Breakdown
Net interest income grew 11% to K1.2 billion, supported by a 9% increase in the loan book and a 15-basis-point improvement in the net interest margin. Non-interest income rose 18%, reflecting strong growth in transaction banking fees and foreign exchange revenues.
BSP Group CEO Robin Fleming said the results reflected the bank's disciplined approach to growth and risk management. "We are delivering for our shareholders while continuing to invest in the digital infrastructure that will serve our customers across the Pacific for decades to come," he said.
