BSP 1H26 slides: profit rises 8% as digital banking surges
BSP Financial Group reported its first-half 2026 results on August 21, revealing a 8.4% rise in net profit to K620 million (A$204 million) as digital banking services surged. Revenue increased 17.7% to K1,885 million due to lending growth, payments income, and favorable foreign exchange earnings. The bank, operating in seven Pacific nations, operates 124 branches, 690 ATMs, and over 17,500 EFTPOS terminals.
Share prices rose 0.25% following the announcement. Despite higher expenses, the cost-to-income ratio remained within the target range of 42% to 45%. Digital channels are generating significant results, with transaction volumes surging across all platforms - mobile banking up 31.6%, internet banking up 31.9%, and EFTPOS transactions up 10.8%.
The company's digital financial inclusion platform, BSP Wantok Wallet, now serves over 278,000 customers. Operating expenses rose 21.1% to K825 million, with the modernization program accounting for K62 million. The capital adequacy ratio stood at 25.3%, providing ample capacity for future growth.
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