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BSP Financial Group Reports Impressive Growth Amid Modernization Efforts

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BSP Financial Group Limited (BSP) has reported robust performance in the third quarter of this year, demonstrating its commitment to modernizing operations in line with its growth strategy. The group achieved a 3 percent increase in revenue for the quarter, totaling K750 million ($F427 million), largely due to heightened activity in the regional foreign exchange markets and a rise in fee income. However, this growth was partially tempered by a slight 1 percent decline in net interest income.

Operating expenses surged by 11 percent to K321 million ($F182.7 million), a move aligned with BSP’s strategy of substantial yet careful investment to enhance service delivery to customers. BSP Group CEO Mark Robinson emphasized that these investments are crucial for long-term growth and sustainable returns.

While the operating profit decreased by 2 percent compared to the first half quarterly average, it saw a 5 percent increase when contrasted with the same quarter last year. Notably, impairment expenses were K20 million ($F11.4 million) lower in this quarter due to reduced write-offs and improved recoveries, which highlights the group’s effective risk management.

The unaudited underlying net profit after tax for this period stood at K233 million ($F132.6 million), consistent with the quarterly average of K231 million ($F131.5 million) for the first half of the year. Robinson pointed out that the 11 percent drop in unaudited NPAT was influenced by a one-off positive impact from an additional company tax settlement in the second quarter of 2024, alongside a joint venture impairment of K36 million ($F54.6 million).

Robinson also noted that the group experienced an impressive 8 percent increase in their first half results compared to the same period last year. The third quarter’s underlying NPAT benefited from lower impairment charges when viewed against the average from the first half of the year. With a capital adequacy ratio of 24.2 percent, well above regulatory requirements, BSP is positioned to continue its modernization journey while expanding its loan portfolio.

This sustainable approach reflects BSP’s strong financial health and strategic foresight, defining a hopeful trajectory for its future growth.

In summary, BSP’s third-quarter performance showcases solid revenue growth, strategic investments in modernization, and a strong capital base, positioning the group well for ongoing advancement in the financial sector.


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