6 Sep 2012

PNG's Bank South Pacific posts solid profit

10:10 am on 6 September 2012

Papua New Guinea's Bank South Pacific has posted a consolidated operating profit of 128 million US dollars for the first half of the year - an increase of 22.7 percent compared with the same period last year.

The Chairman of the Bank's Board of Directors Kostas Constantinou released the results yesterday.

According to the Post Courier newspaper, the steady first half of the year follows solid full year results for the Bank last year, with the conditions contributing to the latter half of 2011 continuing during the first half of this year.

According to the results, despite a limited recovery in global economies and fragile financial markets there has been good domestic growth, driven by the LNG project related activities and other resource projects.