BSP continues to deliver sound financial results, with net profit after tax of K698m for the first 9 months of 2021
BSP Financial Group Limited released its unaudited results to September 2021 today, with a reported Net Profit After Tax of K698m, despite most countries BSP operates in continuing to experience lower economic activity. COVID-19 continues to have an impact on businesses in all countries and those that are tourism dependent have suffered more than others as a consequence of minimal, or no, international travel.
BSP Group CEO Robin Fleming noted that with overall system lending in all countries contracting as business became more cautious with investment decisions, interest on loans had reduced somewhat compared to the previous quarter, but non-lending income remained strong, based on more transaction growth and increases in merchant activity. Costs had been contained through a combination of more favourable exchange rates during the quarter and a considered approach to discretionary expenditure.
BSP Chief Finance Officer Ronesh Dayal and BSP Group CEO Robin Fleming addressing the Press, Stakeholders and Investors at BSP's third quarter Financial presentation in Port Moresby.
An interim dividend of K0.39 per share was paid on 18 October, which amounted to K182m being distributed to shareholders including Kumul Consolidated Holdings, Nasfund, Nambawan Super, Teachers Savings & Loans, MVIL, Petroleum Resources Kutubu, Credit Corporation and Fiji National Provident Fund. BSP’s share price on PNGX increased to K12.31 and BSP shares on the ASX were trading at $5.00. BSP also contributed strongly to PNG’s company tax revenue, paying K295m in company tax last year, which is approximately 17% of total company tax paid in PNG.
In closing Mr Fleming noted BSP’s continued commitment to providing traditional branch based services to customers in every province of PNG, with recent sub branch upgrades including Koroba and Namatanai, the re-opening of Kerema in September, and upgrades of Palmalmal before the end of 2021 and Telefomin early in 2022.