BSP Tonga | Bank of South Pacific Tonga Limited (BSP) today announced a Net Profit after Tax of T$11.6 million for the financial year ending 31 December, 2024.
BSP Tonga Country Head, Mrs. Faasu Atkinson has announced a Net Profit after Tax of T$11.6 million for FY2024. The results are a 20.9% decrease from FY2023, attributed to an increase in loan impairments and inflationary pressures, which in turn saw an increase in Operating Expenses.
Mrs. Atkinson commented that “the bank remains stable, well capitalised with strong liquidity to support customers in the Kingdom. We remain the bank of choice for customers in Tonga with over 47,000 active customers being served by the team across Tongatapu, Vava’u, Ha’apai and ‘Eua”. She said that Tonga’s digital footprint remained the highest of any bank in the Kingdom with 15 ATMs, 285 EFTPoS and 38 agents available to customers, even when the bank is closed. These services have allowed BSP Tonga to maintain its number one market share across deposits and lending.
BSP Tonga’s active engagement in the community is central to its social responsibility, with recent donations to charities - ‘Ofa Tui moe ‘Amanaki Disability Centre and the Children’s Ward at Vaiola Hospital totalling TOP$50,000. These donations were made in September 2024, to recognise a 50-year legacy of Banking – marking the journey of the Bank of Tonga, now known as BSP Tonga Ltd. Other support to the community includes the bank’s TOP$2.3 million contribution to sports through FX Levy payments to the Government of Tonga in 2024.
Mrs. Atkinson said that BSP remains committed to enhancing the experience customers receive across all channels of the Bank. She thanked customers and members of the public who voted online – awarding BSP Tonga with the ‘Best Customer Service’ in the Financial Institution category.
The BSP Tonga’s profit announcement follows the release of the BSP Financial Group’s Full Year results by Group CEO, Mark Robinson noting a statutory Net Profit After Tax result of K1.038 billion [AUD$408 million].
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ABOUT BSP
BSP Financial Group Limited is an iconic and unique bank in the South Pacific, with its head office located in Papua New Guinea, recognised for its strong commitment to the Pacific region. We are a major commercial banking and finance group with assets of approximately PGK23.050 billion
BSP has the largest branch network in Papua New Guinea, Cook Islands, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu with sub branches and agents in rural locations. The BSP Group employs 4,000+ people across the Pacific and proudly supports the communities that we operate in, through Community Projects, Sports, Education, Health, Culture and Financial Literacy.
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