Home Economy BSP Solomon Islands Announces Profit of $94.1m1 min read

BSP Solomon Islands Announces Profit of $94.1m1 min read

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BSP Solomon Islands Country Head David Anderson.

BSP Solomon Islands Country Head David Anderson has announced the Solomon Islands results for the full year to 31st December 2019, with Net Profit after tax of $94.1m.

Anderson said: “2019 saw a slight reduction in Net Profit after tax to $94.1m. The decrease was mainly a result of the softening economic position in the Solomon Islands and also an increase in operational expenditure in the business.”

The bank’s break-up of the actual results are as follows:

  • Deposits from customers remain relatively stable at SBD$2.5b;
  • Loan portfolio increased by 4.7% to $1.25B;
  • Total Income increased by $10.5m to $231m. Majority of this increase was from Non Interest Income;
  • Total expenses increased by $13.5m to $86.2m;
  • Net profit after Tax was $94.1m; and
  • Capital & Reserves is $613m which is well above CBSI minimum requirements.

Mr Anderson also highlighted some of the notable achievements for BSP Solomon Islands during the year with the addition of 3 new ATM machines to its fleet and also replacement of all Visa Cards with EMV chip technology which is more convenient for customers and gives greater protection when using these cards.  “These cards can now be used with “Touch and Go” technology with all EFTPoS merchants across Solomon Islands and overseas.”

Anderson’s 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 K890.4 million (SBD$2.064bn), a 5.5% increase from 2018. Group CEO Robin Fleming and the board congratulated BSP Solomon Islands on the results for 2019.

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