Bank South Pacific Financial Group Limited (BSP) has announced it made K1.075 billion net profit in 2021. The bank said that the strong earnings resulted from good foreign exchange revenue, high transaction volumes, and the release of pandemic provisions.

Robin Fleming, BSP’s CEO, said that business sentiment improved globally in 2021.

“Business and customers have adapted to the Covid-19 operating environment, which allowed for provisioning releases and income growth following pandemic-induced lows in the prior year. Investments in our staff and capabilities around anti-money laundering and IT service delivery were the main drivers of cost increases in 2021,” Fleming said.

The strong results led to the BSP board announcing a final 2021 dividend of K1.34 per ordinary share, which will be made on the 22nd of April 2022. This amount, combined with the K0.93 interim dividend, means total dividend payments of K1.73 for 2021. This is a 33.1% share increase compared to the previous year.

Fleming noted that these results were achieved while BSP improved its value to customers by reducing, or even waiving, some of its fees. He said, “With no fee increases since 2014, annual fee savings to BSP customers are estimated to be K62 million per annum, due to fees being reduced or waived.”

He said the bank would also continue its commitment to provide customers with traditional branch-based banking services in all provinces. In addition, there will be a reduction in cash handling fees and Kundu Packaging Account fees.

The Bank South Pacific Financial Group Limited also paid corporate taxes of K282 million in 2021.