BSP release unaudited 2015 financial year results

BSP Chairman Sir Kostas Constantinou, OBE, has announced the 2015 unaudited preliminary consolidated group results, with the key highlights being:

Net Profit after Tax (NPAT) of K531.9m, an increase of 5% over 2014.
Total Assets of K18.274bn, up 15% from 2014.
Capital Adequacy of 23.3%, (FY14 24.0%) well above Bank of Papua New Guinea’s prudential minimum of 12%.
In Papua New Guinea, positive loan portfolio growth, steady channel income, and a continuing and disciplined cost containment strategy, have allowed BSP to achieve an improved profit outcome notwithstanding some slowdowns in certain sectors of the PNG economy.

BSP’s overseas operations and subsidiaries have also contributed strongly to the 2015 result.

Sir Kostas stated that the audit is progressing to plan and the bank does not expect the results to change materially. The audited results will be released in early March 2016.