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BSP posts US$147m profit

‘Bank’s capital base is sound’

Bank South Pacific, the largest bank in Papua New Guinea and the South Pacific has announced more than K400 million (USD147m) in net profit for the 2013 financial year. The BSP Group achieved a consolidated operating profit before tax of US$223.5m for the 2013 financial year an 11.3% increase on the consolidated 2012 operating profit of US$200.858m. The group result after tax is $160.893m. Total assets of the Group increased by approximately $912m to $5.823 billion. BSP Group and Board of Directors Chairman, Kostas Constantinou, who released the results for the full-year to December 31, 2013 in Port Moresby in March, said despite a slowdown in the PNG economy during the year, the BSP Group achieved sound results in 2013, highlighted by the following: •The Group achieved a consolidated operating profit before tax of $214.26m for the 2013 financial year, an 11.3% increase on the consolidated 2012 operating profit of $192.48 million. The Group result after tax is $154.18 million. Total assets of the Group increased by approximately $873.980 million to $5.580 billion. •The bank’s achievements are similarly strong with pretax profits growing 10.7% to $209.282 million, from $188.633 million in 2012. Total assets of the bank at the end of 2013 are just over $5.409 billion. The customer loan and receivables portfolio has seen net growth of $174.161 million to $1.8566 billion. Customer deposits continue to grow strongly, especially in the corporate segment in Fiji, and in the retail and government segments in PNG. •BSP’s

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