9 Mar 2006

Record profit for Bank South Pacific

10:23 am on 9 March 2006

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.