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Bank of South Pacific posts 3.97% YOY increase in H1 net profit

Bank of South Pacific Ltd. posted a 3.97% year-over-year increase in net profit for the first half ended June 30.

The group on Aug. 21 reported a first-half net profit of 434.9 million Papua New Guinean kina, up from 418.3 million kina in the prior-year period. EPS rose to 93.1 toea from 89.5 toea.

Net interest income for the half increased year over year to 694.1 million kina from 683.9 million kina. Fee and commission income rose to 187.3 million kina from 181.7 million kina.

Net banking operating income climbed to 1.06 billion kina from 1.05 billion kina. Net operating income before impairment and operating expenses remained flat year over year at about 1.07 billion kina.

Impairment on financial assets for the half amounted to 50.4 million kina, up from 37.3 million kina.

As of June 30, the group's total capital adequacy clocked in at 20.9%, down from 22.9% at the end of 2018. Its Tier 1 capital adequacy ratio for the period came to 14.7%, down from 19.8% at Dec. 31, 2018.

The bank declared an interim dividend of 38 toea per share for the first half of 2019, up from 36 toea per share in the year prior. The interim dividend will be paid on Oct. 18.

As of Aug. 21, US$1 was equivalent to 3.40 Papua New Guinean kina.