Bank South Pacific in Papua New Guinea has reported a record after-tax profit of US$33 million for last year, up 13 per cent from the previous year.
The National newspaper reports total assets last year reached US$681 million reflecting a substantial increase in total banking system assets, while its market capitalisation increased to US$477 million.
A significant achievement noted last year was the issue of a formal Standard and Poors rating for BSP.
The rating achieved B+ stable, being the highest rating achievable, was in accordance with the nation's sovereign rating.
