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Registered Office: Level 12 Suva Central Building, Cnr of Renwick Rd & Pratt Street, Suva, Fiji Islands.
Postal Address: Private Mail Bag Suva Fiji Islands, Telephone (+679) 321 4412, Fax (+679) 321 4422
Market Announcement to South Pacific Stock Exchange
“Bank of South Pacific Limited Final Dividend
announcement for 2014 and the First Quarter Actual
Results for 2015”
About BSP Convertible Notes Limited (BSP CN Fiji):
BSP Convertible Notes Limited (BSP CN Fiji) is a wholly owned subsidiary of Bank of South Pacific Limited (BSP).
BSP is a Papua New Guinea based full service Bank with representation in many major Pacific economies. BSP is
listed on the Port Moresby Stock Exchange (POMSoX) and has a B+ credit rating from Standard & Poors. BSP
Convertible Notes Limited (BSP CN Fiji) is a special purpose vehicle incorporated in Fiji with limited powers under its
Memorandum and Articles. It is listed in the South Pacific Stock Exchange (SPSE) in Fiji as BCN.
Registered Office: Level 12 Suva Central Building, Cnr of Renwick Rd & Pratt Street, Suva, Fiji Islands.
Postal Address: Private Mail Bag Suva Fiji Islands, Telephone (+679) 321 4412, Fax (+679) 321 4422
Friday 22nd May 2015
Bank of South Pacific Limited Final Dividend
announcement for 2014 and the First Quarter Actual
Results for 2015
Our Parent Company, Bank of South Pacific Limited in Port Moresby, PNG has today
announced a final dividend of fifty six toea, K0.56t (FJD0.46) for the year ending
2014.
BSP Convertible Notes Limited dividends are tagged to its Parent Company’s
dividend.
……………………………………..
Kevin McCarthy
Director
About BSP Convertible Notes Limited (BSP CN Fiji):
BSP Convertible Notes Limited (BSP CN Fiji) is a wholly owned subsidiary of Bank of South Pacific Limited (BSP).
BSP is a Papua New Guinea based full service Bank with representation in many major Pacific economies. BSP is
listed on the Port Moresby Stock Exchange (POMSoX) and has a B+ credit rating from Standard & Poors. BSP
Convertible Notes Limited (BSP CN Fiji) is a special purpose vehicle incorporated in Fiji with limited powers under its
Memorandum and Articles. It is listed in the South Pacific Stock Exchange (SPSE) in Fiji as BCN.
Announcement | Port Moresby Stock Exchange | Port Moresby 22nd May 2015
Final dividend announcement for 2014 and the first
Quarter Actual results for 2015
Mr Kostas Constantinou OBE, Chairman of Bank of South Pacific Limited (BSP) today announced the final
dividend for the year ending 2014.
Mr Constantinou noted that BSP Group achieved very sound results in 2014 with a net profit after tax of
K507.4m (FJD 417.0m), an increase of K70.5m (FJD 57.9m) on the 2013 result. The directors therefore
have determined a final dividend of 56 toea (46 cents) for 2014. This final dividend along with the 20 toea
(15 cents) interim dividend paid in October 2014 brings the total dividend payment to 76 toea (61 cents)
per share, giving a yield of 10.27% on the current share price of K7.40 (FJD 6.08). The payout ratio for
2014 of 70.08%, which is on par 2013’s ratio of 70.77% and up on 2012’s ratio at 67.1%.
Dividends per share are 15% higher than 2014 and have increased on average by 14% in each of the last 3
years.
Capital adequacy ratios will remain above BPNG guidelines after payment of the final dividend,
notwithstanding that this coincides with the purchase of Westpac businesses in Samoa, Tonga, Solomon
Islands, Cook Islands and Vanuatu.
The planned processing dates for the 2014 final dividend are:
Ex-date: Friday 29th of May 2015
Record date: Friday 5th of June 2015
Payment date: Friday 19th of June 2015
Mr Constantinou also announced the Group’s results for the first quarter of 2015. The quarter 1 2015
profit after tax is at K130m (FJD 106.8m), which is K7m (FJD 5.8m) above that achieved in the last quarter
of 2014.
Kostas Constantinou, OBE
Group Chairman | Bank of South Pacific Ltd
1
Press Statement | Port Moresby 22nd May 2015
Final dividend announcement for 2014 and the first
Quarter Actual results for 2015
Mr Kostas Constantinou OBE, Chairman of Bank of South Pacific Limited (BSP) today announced the final
dividend for the year ending 2014.
Mr Constantinou noted that BSP Group achieved very good results in 2014 with a net profit after tax of
K507.4m (FJD 417.0m), an increase of K70.5m (FJD 57.9m) on the 2013 result. The directors therefore
have determined a final dividend of 56 toea (46 cents) for 2014. This final dividend along with the 20 toea
(15 cents) interim dividend paid in October 2014 brings the total dividend payment to 76 toea (61 cents)
per share, giving a yield of 10.27% on the current share price of K7.40 (FJD 6.08). The payout ratio for
2014 of 70.08%, which is on par with 2013’s ratio of 70.77% and up on 2012’s ratio at 67.1%.
Dividends per share are 15% higher than 2014 and have increased on average by 14% in each of the last 3
years.
Capital adequacy ratios will remain above BPNG guidelines after payment of the final dividend,
notwithstanding that this coincides with the purchase of Westpac businesses in Samoa, Tonga, Solomon
Islands, Cook Islands and Vanuatu.
The planned processing dates for the 2014 final dividend are:
Ex-date: Friday 29th of May 2015
Record date: Friday 5th of June 2015
Payment date: Friday 19th of June 2015
In announcing the dividend Mr Constantinou stated that the full year dividend represents a distribution to
shareholders of K355.57m (FJD 292.22m) [2013 K309.25m (FJD 254.15m)]. BSP’s shareholder base is
predominantly Papua New Guinean, and the board was very proud to maintain a dividend policy that
resulted in such a large percentage of BSP’s profits being distributed to its share-holders with the majority
of dividends remaining in Papua New Guinea.
Mr Constantinou also announced the Group’s results for the first quarter of 2015. The 2015 first quarter
profit after tax is at K130m (FJD 106.8m), which is K7m (FJD 5.8m) above that achieved in the last quarter
of 2014. BSP’s loan growth at the end of the 4 th quarter 2014 has resulted in an increase in interest
income streams as well as BSP’s retail channel income is continuing to be strong, supported by a large
market presence of BSP’s ATM’s and EFTPOS terminals.
BSP’s Balance Sheet reflected a generally stable market share in PNG and an expectation of flat business
conditions in the short term. Capital adequacy has improved to 25.5% at the end of March 2015.
Kostas Constantinou, OBE
Group Chairman | Bank of South Pacific Ltd
1
Appendix F: Dividend Declaration
BSP Convertible Notes Limited Declaration of Dividend
BSP Convertible Notes Limited is pleased to announce a Final dividend for financial
year ending 31 December 2014.
Date of Closure of Registry
11 June 2015
Date of Ex-Benefit
03 June 2015
Date of Payment of Dividends
19 June 2015
(Intentions to close or fix the Share Register by a listed company should be done 15
business days after notifying the SPSE)
Current (2014)
Previous (2013)
$0.4602
$0.3337
$1,410,498.27
$1,022,779.82
Turnover
-
-
Gross Profit
-
-
$455,294
$324,178
$1,174,000
$569,941
Nil
Nil
$1,601,986
$864,617
Dividend per share
Amount of dividends ($)
Income from other sources
Net Interest Income
Support fee
Income tax Expense
Net profit/(Loss) after tax
Chairman/ Chief Executive Officer/ Company Secretary’s Comments.
Bank of South Pacific Limited declared a final dividend of fifty six toea, K0.56t (FJD
0.4602) at its Board meeting and announced at its AGM held on Friday 22nd May 2015.
This is following, very good results achieved by the BSP Group in 2014 with a net profit
after tax of K507.4m (FJD 417.0m), an increase of K70.5m (FJD 57.9m) on the 2013
result. This final dividend along with the 20 toea (FJD 0.15) interim dividend paid in
October 2014 brings the total dividend payment to 76 toea (FJD 0.61) per share.
Pursuant to the Articles of Association of BSP Convertible Notes Limited, the applicable
exchange rate is the average of the buy and sell rates published by BSP on its website
on the date two Business Days before the dividend announcement date on SPSE as
appointed by the Chairman of BSP.
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Director
Company Secretary