BSP Tonga records profit of $11.15 million Pa’anga

Nuku’alofa – March 11, 2020: 7am (Nuku’alofa Times): The Bank of the South Pacific or BSP has recorded an operating profit of $11.15 million in its Tonga operation for the year ending December 31, 2019.
This was a five percent (5%) increase over its 2018 figures.
The announcement was made by BSP Tonga Country Head Marcellina Rose Wolfgramm Haapai last week.

“The operating profit after tax of T$11.15m is 5% above 2018 of T$10.6m. Our total Assets increased by 1.1% to T$334.25m driven by a 5.7% growth in the loan book to T$200.12m,” she said.

BSP Tonga revenues also increased by 5.8% during the year, predominantly driven by interest income from loan and advances improving cost to income ratio to 38.4%. Operational expenses increased marginally by 3% mainly due to IT projects completed during the year.

The capital base remains sound, maintained at 27.8% in 2019 well above the National Reserve Bank of Tonga minimum prudential requirement of 15%.

Mrs Wolfgramm-Haapai also highlighted that the 2019 results for BSP is reflective of the company’s commitment to helping customers, staff, shareholders and communities in the Kingdom of Tonga prosper.

Her announcement comes after the BSP Chairman Sir Kostas Constantinou released the BSP Group Full Year Results – 31st December, 2019, last week, noting a record consolidated operating profit after tax of K890.4 million (T1.34bn), a 5.5% increase from 2018.

Group CEO Robin Fleming and the board congratulated BSP Tonga on the results for 2019.

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