Bank of South Pacific Ltd. posted a 17.65% year-over-year increase in its consolidated operating profit after tax for full-year 2017.
The group's consolidated operating profit grew to 757 million Papua New Guinean kina from 643.5 million kina in the previous year.
Revenue climbed by 11.5%, owing to revenue growth from interest income streams, particularly from loans and advances. Operating expenses increased by 82.5 million kina, or 10.7% year over year, mainly due to expenses relating to the group's core banking system upgrade and costs associated with delays in moving to its new head office.
The group's total capital adequacy clocked in at 24.5% at the end of 2017, compared with 23.1% as of the end of 2016.
As of March 1, US$1 was equivalent to 3.24 Papua New Guinean kina.
