BSP Financial Group Ltd and Subsidiaries profit after tax was K1.075 billion ($F0.64b) for the year ended December 31, 2021.

Directors Sir Kostas G Constantinou and Robin Fleming were of the view that there were reasonable grounds to believe that the bank and the group would be able to pay their debts as and when they become due and payable.

“The results of the bank and the group operations during the financial year have, in the opinion of the directors, not been materially affected by items of an abnormal nature, other than those disclosed in the financial statements,” stated the report.

“In the opinion of the directors, no circumstances have arisen, that make adherence to the existing method of valuation of assets or liabilities of the bank and the group misleading or inappropriate.

“At the date of this report the directors are not aware of any circumstances that would render the values attributed to current assets in the financial statements misleading.”

The directors report also stated dividends totalling K676.464m were paid in 2021 (2020: K569.355m).

“The principal activity of the BSP Financial Group Limited (BSP) is the provision of commercial banking and financial services throughout Papua New Guinea (PNG) and the Asia Pacific region.

“The group’s activities also include fund management and life insurance business services.

“BSP is a company listed on the PNG Exchange Markets (PNGX) and the Australian Stock Exchange (ASX), incorporated under the Companies Act of Papua New Guinea, and is an authorised Bank under the Banks and Financial Institutions Act of Papua New Guinea.”

The group was also said to be licensed to operate in the Solomon Islands, Fiji, Cook Islands, Samoa, Tonga, Vanuatu, Cambodia and Lao.