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Business confidence in Fiji remains positive despite a subdued economy in 2009, the Bank of the South Pacific (BSP) has noted in its annual report for last year.
The Papua New Guinea-based bank said while the PNG economy showed resilience despite the depressed trading conditions showed by its major trading partners in the aftermath of the global financial crisis, the Fiji and Solomon Islands economies remained “more subdued” during the year.
BSP said however that its growth expectations in Fiji were sound.
The bank made the observations while announcing its financial results for 2009.
It recorded an after-tax net profit of K257.1 million (F$183.7 million) during the year, a 12.6 percent increase over 2008.
Shareholders received a dividend payment of K100.31 million (F$71.68 million) in July 2009.
Return in equity remained in excess of 30 percent.
Customer deposits grew by K973 million (F$695.3 million) to K6,759 million (F$4,830 million) with a market share of 53.27 percent in PNG.
Loans and advances grew by K517 million (F$369 million) to K2,860 million (F$2,043 million).
BSP chairman NN Beangke said once more the bank had achieved a record result in 2009, a year which began with a “significant level of uncertainty as to the extent and impact of the global financial crisis in PNG”.
Beangke said the balance sheet growth reflects not just continuing stable organic business growth of BSP in PNG and its Pacific island branches, the bank added a further K$1,430 million (F$1,021 million) worth of assets through its acquisition of the Colonial National Bank and Colonial Fiji Life Ltd operations from the Commonwealth Bank of Australia in 2009.
