9 Sep 2009

PNG's Bank South Pacifics worth increases

10:38 am on 9 September 2009

Papua New Guinea's bank icon Bank South Pacific in now worth 2.81 billion US dollars, up from 2.48 billion at the end of last year.

The Post Courier reports the bank's Board chairman, Noreo Beangke revealed this to the Port Moresby Stock Exchange yesterday.

According to the paper, Mr Beangke said the customer loan and receivables portfolio now exceeds 971 million US dollars, an increase of 13 per cent from last year.

Market share in the lending assets also grew slightly over the period.

In terms of expenses, Mr Beangke says work on operational improvement programs across the organisation started in March with the engagement of industry and technical experts.

Initial increased investments in risk management activities have also been made, starting with a security situation re-assessment exercise.