BSP Fiji Profit Up By 23%, FJ$52.1m

Date: Friday 06th March, 2020

BSP Fiji Country Head, Haroon Ali announced this week that BSP Fiji delivered a net profit after tax of FJ$52.1m for the financial year 2019 which is 23.2% up on previous year's NPAT FJ$42.3m.

In releasing this statement, Mr Ali said: "Loans & advances increased by FJ$91.6m. This is reflected by an increase in loan market share from 25.4% (Dec 2018) to 25.9% (Dec 2019)."

Deposits also increased by FJ$120.5m thus increasing deposit market share from 23.4% (Dec 2018) to 24.2% (Dec 2019).

Prudent cost management throughout the year has yielded a lower Cost to Income ratio at 46.7% which is 9.4% lower than previous years Cost to Income ratio of 56.1%.

Mr Ali added that this was an excellent result despite the subdued economic conditions and tight system liquidity for most of the year and acknowledged the BSP Fiji Team for their efforts in 2019.

Across the region most economies in which BSP operates experienced positive growth. Fiji's GDP did slow down to around 2.8%.

Ali's 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 K890.4m (FJ$570.57m), a 5.5% increase from 2018. Group CEO Robin Fleming and the board congratulated BSP Fiji on the results for 2019.