BSP Samoa Announces ST$15.4 Million Profit, up by 47%

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BSP SAMOA| BSP Samoa Country Head Taitu’uga Maryann Lameko-Vaai today announced the Samoa results for the full year to 31st December 2019, with net profit after tax of WST$15.4m, a 47% increase compared to 2018.

Taitu’uga said: “BSP Samoa had another strong year of financial performance, despite the impact of the measles outbreak in the last quarter of the year. In 2019, the Bank grew Net Profit After Tax by 47% to WST$15.4m, generating good return on assets of 2.81% and return on equity of 17.5%.”

“The favourable result was underpinned by continued growth in the gross loan portfolio by 12% to WST$376m and deposits by 21% to WST$447m, which resulted in the bank maintaining leading loan and deposit market shares of 31% and 28% respectively”.

Taituuga also highlighted some of the notable achievements for BSP Samoa during the year.

“The introduction of BSP EMV chip-enabled Visa Debit Cards added security levels and capabilities such as Touch and Go technology, that match world class standards”.

“This reaffirms the bank’s commitment to innovative and technology solutions that provide convenience and security for BSP customers,” she said.

BSP’s commitment to the community remained a priority and in 2019, BSP supported staff members who were affected by the measles outbreak through donations and supplies.

BSP Samoa Supports TV 3 National Spelling Bee, Aug 2019.

The bank joined national efforts to provide much needed resources for the hospitals, by donating WST$60,000 in cash and supplies to the Government of Samoa.

Taitu’uga added that the success of BSP Samoa “is predicated upon the faith, dedication and talent of BSP people delivering superior services to our customers,”

“We don’t always get it right but the strength of our culture has been reflected in the way we embed a values-driven approach to our work”.

The announcement comes after the BSP Chairman Sir Kostas Constantinou released the BSP Group Full Year Results – 31st December, 2019 last week, noting a record consolidated operating profit after tax of K890.4million (WST$709.4million), a 5.5% increase from 2018. Group CEO Robin Fleming and the board congratulated BSP Samoa on the results for 2019.

BSP Samoa joined efforts against measles epidemic, Nov 2019.

ABOUT BSP

Bank South Pacific (BSP) is an iconic and unique bank in Papua New Guinea and the Pacific, recognised for its strong commitment to the region. We are a major commercial banking and finance group with assets of approximately PGKK23.050 billion.

BSP Chairman Sir Kostas Constantinou

BSP has the largest branch network in Papua New Guinea, Cook Islands, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu with sub branches and agents in rural locations.

The BSP Group employs 4,000+ people across the Pacific and proudly supports the communities that we operate in, through Community Projects, Sports, Education, Health, Culture and Financial Literacy.

BSP Samoa donates water tanks to church communities.

Our branch network is complemented by electronic banking networks that can meet the banking needs of all customers wherever we operate.

 80+ Branches
 13 Premium Service Centres
 40+ Sub Branches
 590++ Agents
 520+ + ATMs
 13,000+ EFTPoS

We’re proud of our whole of bank capabilities whereby our teams in Corporate, Retail, Paramount and Treasury are able to provide solutions to our clients, drawing on our capabilities and broad presence. This capability is unmatched by our competitors. PNG and the Pacific is our home. We have knowledge, history, experience and a commitment to the region that other financial institutes cannot offer.

BSP Samoa supports rural youth development through sports.
BSP Samoa supports Tag World Club Championships

www.bsp.com.pg/About-Us/Welcome-to-BSP

FOR MORE INFORMATION ON BSP SERVICES CONTACT:
Lavina Mul | Manager – PR & Communications| Email: LMul@bsp.com.pg or
| Email: PR@bsp.com.pg
Gorethy Semi | Head of Marketing & PR |Email: GSemi@bsp.com.pg
Maryann Lameko-Vaai| Country Head | Email: mlameko-vaai@bsp.com.pg