The BSP Group has recorded a consolidated operating profit of over $276 million for the first half of this year.

It’s a 3.97 percent increase in the consolidated 2018 operating profit after tax of over $266 million for the comparative period.

Board of directors chair Sir Kostas Constantinou says despite the modest growth in the countries in which BSP operates and notwithstanding the current subdued economic conditions in Papua New Guinea, the Group has again achieved positive results.

Sir Constantinou says total assets of the group increased by approximately $2.08 million, predominantly due to an increase in the loan book for the period across all countries.

He says total group revenues has marginally increased and the revenue growth has been derived from interest income streams, in particular from loans and advances.

The Group says it Pacific branches and subsidiaries have also contributed well to the first half performances.

The Group’s operating expenses have decreased by $14.32 million which is partially due to the write-off of an aircraft loss last year, but otherwise reflects good cost containment.