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Bank of South Pacific posts YOY rise in H1 profit, ups interim dividend

Bank of South Pacific Ltd. reported a 12.8% year-over-year rise in net profit for the half year ended June 30.

Net profit for the six-month period came in at 418.3 million Papua New Guinea kina, from 370.9 million kina in the year-ago half. EPS rose to 89.5 toea from 79.4 toea.

The bank's net interest income increased to 675.5 million kina from 626.0 million kina in the 2017 first half, while fee and commission income declined to 181.7 million kina from 188.3 million kina.

Impairment on loans and advances dropped to 28.9 million kina for the quarter, from 31.6 million kina in the prior-year half.

The group's total capital adequacy ratio stood at 22.7% at the end of June, down from 24.5% at the end of 2017. Its Tier 1 ratio at June 30 clocked in at 15.8%, down from 21.3% as of Dec. 31, 2017.

The bank's board declared an interim dividend of 36 toea per share, up from 32 toea per share in the first half of 2017. The dividend is payable Oct. 19 to shareholders on record as of Oct. 5, according to a separate Aug. 23 filing.

As of Aug. 28, US$1 was equivalent to 3.31 Papua New Guinean kina.