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Kostas Constatinou

Mr Kostas Constantinou OBE, Chairman of Bank of South Pacific Limited (BSP) today announced the final dividend for the year ending 2013.

Mr Constantinou noted that BSP Group achieved very sound results in 2013 with a net profit after tax of K436.8m, an increase of K29m on the 2012 result. The directors therefore have determined a final dividend of 46 toea for 2013. This final dividend along with the 20 toea interim dividend paid in October 2013 brings the total dividend payment to 66 toea per share, giving a yield of 8.6% on the current share price of K7.70. The payout ratio for 2013 of 70.8% is up from 2012’s ratio of 67.1% and 2011 at 67%.

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Capital adequacy ratios will remain well above BPNG guidelines after payment of the final dividend.

The planned processing dates for the 2013 final dividend are:

Ex-date: Friday 30th of May 2014

Record date: Friday 6th of June 2014

Payment date: Friday 20th of June 2014

In announcing the dividend Mr Constantinou stated that the full year dividend represents a distribution to shareholders of K309M. BSP’s shareholder base is predominantly Papua New Guinean, and the board was very proud to maintain a dividend policy that resulted in such a large percentage of BSP’s profits being distributed to its share-holders with the majority of dividends remaining in Papua New Guinea.

Mr Constantinou also announced the Group’s results for the first quarter of 2014. The 2014 first quarter profit after tax is at K136m, which is K9m above that achieved in the last quarter of 2013. BSP’s retail channel income is continuing to be strong, supported by a large market presence of BSP’s ATM’s and EFTPOS terminals.

BSP’s Balance Sheet reflected a generally stable market share in PNG and an expectation of growth in the next 2 quarters. Capital adequacy has improved to 20% at the end of March 2014.

 

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