22 May 2020

Papua New Guinea’s largest private sector superannuation provider, nasfund, has congratulated Bank South Pacific on its’ 2019 performance.

The 2019 Full Year Results, announced to shareholders today, includes a Net Profit After Tax of K890 million, and a final dividend payment of K0.96 bringing total 2019 dividends to K1.34 per share to shareholders. nasfund owns 9.7% of the largest and fastest-growing bank in the Pacific Region.

Commenting on these results, nasfund Chairman Charles Vee commended BSP Chairman Sir Kostas Constantinou & the Board, Group CEO Robin Fleming, Management and Staff for delivering sterling results for the 2019 year, even in a sustained challenging environment.

“As one of the top 5 shareholders of the Bank, NASFUND is pleased with the achievements of this investment, and looks forward to continued positive returns.

In the last 5 years, nasfund has received K 246.53million in dividends from BSP, representing on average 15% of the Fund’s cash income. BSP continues to be nasfund’s best performing investment in terms of yield (dividend) and capital value. These results continue to contribute significantly to nasfund’s income stream and profitability.

Today’s AGM also saw the re-election of Sir Kostas Constantinou for another term, as well as the election of Priscilla Kevin to the Board, which is an indication of their proven leadership.

As a major shareholder, we are definitely supportive of Sir Kostas retaining the Chairmanship of BSP.

We also congratulate Priscilla Kevin’s appointment as a director and are pleased to see the gender mix of the Board being maintained.

We remain committed to supporting BSP in its role in providing efficient banking services to its customers, the majority of which are also our members.”

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