Bsp Financial Group Ltd. · ASX:BFL
Bsp Financial — Shareholder Meeting (May 2011)
94 slides from Bsp Financial's shareholder meeting presentation, May 2011
Slide 1: 2010 Results Presentation to shareholders
2010 Results Presentation to shareholders BSP Annual General Meeting, May 2011
Slide 2: Presentation overview
Presentation overview • Recent performance to 2010 Ian Clyne, CEO • Vision & strategy • 2010 performance & operations • Economic outlook Robin Fleming, Deputy CEO • Market share • Credit quality • Funding • 2010 full year results Johnson Kalo, Deputy CEO • Capital management & liquidity • Profitabil
Slide 3: Overview of BSP
Overview of BSP High Level statistics • Established, Port Moresby, 1957 • 38 branches in Papua New Guinea, 20 in Fiji, 8 in Solomon Islands, 1 in Niue • market share, end of 2010: Loans Deposits Total Assets Profit PNG >50% >50% > K9,000 mil K280 mil PNG + Fiji i+ SI ~38% ~44% >K10,000 mil K288 mil
Slide 4: Recent Performance to 2010
Recent Performance to 2010
Slide 5: Recent Performance: Profit before tax
Recent Performance Profit before tax 500 Millions of Kina 410.80 400 378.14 328.80 300 283.57 200 142.23 164.52 100 2005 2006 2007 2008 2009 2010 The Leading Bank in the South Pacific 5
Slide 6: Recent Performance: Total assets
Recent Performance Total assets 12.0 Billions of Kina 10.0 8.0 6.0 4.0 2.0 0.0 2005 2006 2007 2008 2009 2010 The Leading Bank in the South Pacific 6
Slide 7: Vision and Strategy
Vision and Strategy
Slide 8: Strategy Map
Strategy Map 1 2 4 3 The Leading Bank in the South Pacific 8
Slide 9: Strategy and plans
Strategy and plans 1 The Leading Bank in the South Pacific 9
Slide 10: Customer sales and service focused
Customer sales and service focused Customer sales and 2010 EXISTING INITIATIVES service focused 2011 NEW INITIATIVES SBU Description SBU Description WB Branch service delivery model WB Product review Profitable To be the leading bank in PNG and Operational growth the South Pacific excellence Custome
Slide 11: Strategy and plans
Strategy and plans 2 The Leading Bank in the South Pacific 11
Slide 12: Operational excellence
Operational excellence 2010 EXISTING INITIATIVES Customer sales and service focused 2011 NEW INITIATIVES SBU Description SBU Description WB Treasury system WB RM support RB PhotoCard system RB Biometrics Profitable To be the leading bank in PNG and OperationalRB Processes in branches RB SME end-to-e
Slide 13: Strategy and plans
Strategy and plans 3 The Leading Bank in the South Pacific 13
Slide 14: High performing teams
High performing teams Customer sales and 2010 EXISTING INITIATIVES service focused 2011 NEW INITIATIVES SB SBU Description U Description IT Processes and procedures, training HR Deliver account opening Profitable To be the leading bank in PNG and the South Pacific Operational growth excellence train
Slide 15: Strategy and plans
Strategy and plans 4 The Leading Bank in the South Pacific 15
Slide 16: Profitable growth
Profitable growth Customer sales and service focused 2010 EXISTING INITIATIVES 2011 NEW INITIATIVES To be the leading bank in PNG and SBU Description Profitable growth the South Pacific Operational SBU excellence Description FIN Customer profitability FIN Cost allocation review model – Corporate Hig
Slide 17: Strategic initiatives
Strategic initiatives ● 122 strategic initiatives : “Business as The number of Usual” (BAU) tasks and projects. 64 are new. strategic ● ● Progress slower than forecast: 47% of initiatives has projects in pre-project phase due to size & complexity of some projects. more than Pre- doubled project, 12%
Slide 18: Transformation Project
Transformation Project • The “Transformation Process” is already happening, and BSP’s “Vision” remains the same. “There is simply no turning back” • An enormous amount of work has been carried out by each BSP business unit in 2010, but even more needs to be delivered in 2011, in terms of timely exec
Slide 19: Business strategy: Retail Banking
Business strategy: Retail Banking BSP’s Retail Business Strategy is now “Electronic TRANSACTION Focused”. The Leading Bank in the South Pacific 19
Slide 20: Retail banking strategy: customer segmentation
Retail banking strategy: customer segmentation Segmentation - Retail Branding High BSP Value Invitation Invitation First Segment only only BSP First Inflow account >K 30.000 BSPPotential First Total assets >K 500.000 Potential BSP Priority Core Customer Youth & Segment Upscale Upscale Youth & Studen
Slide 21: Retail strategy: Mass market / BSP Rural
Retail strategy: Mass market / BSP Rural •BSP’s Retail has a “transaction focused” business model •Kundu Card is the “Key” banking access method. RETAIL CUSTOMER 2010 2011 2012 PNG 600,000 800,000+ 1,000,000+ “1.5 million FIJI 150,000 200,000+ 250,000+ Retail Customers S.I 50,000 75,000+ by Year end
Slide 22: Retail strategy: Client access/electronic banking
Retail strategy: Client access/electronic banking 7 Days a Week, with many service points, it is cheaper for our customers & it is cheaper for BSP The Leading Bank in the South Pacific 22
Slide 23: Retail strategy: Client access/electronic banking
Retail strategy: Client access/electronic banking • BSP will continue to expand our Electronic Banking Service in 2011-2013 Electronic Banking Service 2011 ATM’s EFTPOS BSP RURAL CASH AGENT PNG 250 6,000+ 50 300 FIJI 120 1200+ - - S.I 12 100+ - - The Leading Bank in the South Pacific 23
Slide 24: Retail & Branch strategy: Service improvement initiatives
Retail & Branch strategy: Service improvement initiatives • Separated Retail Banking & Branch Network into separate Business Units. • Retail is Sales & Product Development Focused, GM Retail Frans Kootte. • Branch Network is at present a manual service delivery channel (operational). • New GM Networ
Slide 25: Retail & Branch strategy: Branch service upgrade
Retail & Branch strategy: Branch service upgrade Branch Remodeling is a multi year strategy: Step 1: • Aggressive Implementation of Kundu Card/Electronic Channels Client Acquisition. “We need to educate retail customers to use “Electronic” Channels. They are more convenient & cheaper”. Step 2: • Mea
Slide 26: Retail & Branch strategy: Branch service upgrade
Retail & Branch strategy: Branch service upgrade Branch Remodeling is a multi year strategy: Step 3: • Simplify & Automate all major Branch Processes. Step 4: • Remodeling of our Branches to meet: – “Actual” business potential of Towns in which we operate. – Greater focus on branches servicing our P
Slide 27: Retail strategy: client acquisition focus
Retail strategy: client acquisition focus • Significant Increase in Retail competition from Telco’s (E Wallet launch). • Significant increase in Retail competition from Savings & Loan Societies, Microfinance Banks, NDB, SuperFunds & others. • Retail Banking is not profitable based on our existing Br
Slide 28: Retail strategy
Retail strategy “Our Retail Service Modernization Strategy is a multi year investment in processes, systems, people and premises”. The Leading Bank in the South Pacific 28
Slide 29: Business strategy: Corporate Banking
Business strategy: Corporate Banking • Corporate Banking strategy focuses on: non interest income growth, new customer acquisition, improved product & service performance, and increased cross selling. The Leading Bank in the South Pacific 29
Slide 30: Corporate banking strategy: customer segmentation
Corporate banking strategy: customer segmentation Segmentation - Corporate Branding High Value Segment Strategic Top 10 Mix of existing and potential Clients Large Turnover > Corporate K150m Core Customer Mid Segment Turnover K25 to Corporate K150m Business Turnover = K2m to K25m Wholesale / Cost Co
Slide 31: Business strategy: Corporate Banking
Business strategy: Corporate Banking • Corporate Banking & Treasury are BSP’s biggest profit earners. • Corporate Banking, Treasury & Paramount subsidize Retail Banking and make it possible for BSP to maintain & even expand our Retail Banking Network around PNG. • In BSP Fiji we only have a 10% mark
Slide 32: Business strategy: Corporate Banking
Business strategy: Corporate Banking • Co Location of CB in PNG, Treasury & Risk Management will occur in June 2011(New Harbor City Offices) anticipated 20% productivity gain. • New General Manager Mr. Peter Beswick will commence in June. • Recruited 6 new Relationship Managers (2 RMs have been/are
Slide 33: Business strategy: Paramount Banking
Business strategy: Paramount Banking • As a key liquidity provider, Paramount’s strategic focus is on its service model to compete for government and landowner funds The Leading Bank in the South Pacific 33
Slide 34: Business strategy: Paramount Banking
Business strategy: Paramount Banking • Continues to be BSP PNG’s major liquidity provider. • For that reason Paramount Banking is a Key business unit. • 2010 deposits increased, 2010 re-investment revenues minus K92 million vs budget (thus the reason BSP needs to focus on Interest & Non Interest inc
Slide 35: Operations & IT strategies
Operations & IT strategies • “Always on” Technology platforms & infrastructure The Leading Bank in the South Pacific 35
Slide 36: Operations & IT strategies
Operations & IT strategies • The lack of Strategic thinking from the previous COO has impacted our overall operational performance in 2010. • New Chief Operations Officer Robert Loggia has commenced in May 2011. • New Head of IT Neil Gamble, is having a positive impact on overall technology performa
Slide 37: Other support business strategies
Other support business strategies • Operational Risk and Internal Audit process improvements. • Legal expertise and resources. • Management reporting of more relevant data for business. • New human resource management system, processes and administration. • Training, change management. • Security ca
Slide 38: Other support business strategies: Risk, Audit, Legal
Other support business strategies Risk Management • BSP continues to improve our overall Risk Management Framework. • Operational Risk identified various system & process weaknesses, however positive progress is evident in addressing these risks. • Internal/External Fraud remains a serious problem,
Slide 39: Other support business strategies: HR, Security
Other support business strategies Human Resources • New HR System is currently being implemented. • Recruitment Processes are improving. • New Performance Bonus System for PNG has been implemented. • Significant Improvement in Training quality & Quantity. • Change Management Training is an important
Slide 40: 2010 Performance & Operations
2010 Performance & Operations
Slide 41: Share Price
Share Price Volume Closing price short traded (Kina) term trend (millions) red green 1.60 10.0 1.40 Long term 8.0 1.20 trend 1.00 6.0 0.80 0.60 4.0 High volatility 0.40 2.0 0.20 0.00 0.0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 The Leading Bank in the South Pacific 41
Slide 42: Share Price
Share Price Closing Price Cumulative quarter profit for 1.60 year 1.40 1.20 276.6 Share 257.7 1.00 price 232.1 226.8 202.9 0.80 179.9 160.4 0.60 123.4 124.1 72.6 0.40 62.4 62.0 0.20 0.00 2008Q1 2009Q1 2010Q1 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 The Leading Bank in the South Pacific 42
Slide 43: Branches
Branches Number of branches • PNG 38 80 66 • Fiji 20 63 60 • Solomon 45 45 Islands 8 36 38 40 • 7 BSP Rural 20 Agencies 0 2005 2006 2007 2008 2009 2010 PNG Fiji Solomon Islands BSP Rural The Leading Bank in the South Pacific 43
Slide 44: ATMs
ATMs Number of ATM machines • PNG 178 279 • Fiji 88 300 250 205 • Solomon 200 Islands 13 150 118 120 124 97 100 50 0 2005 2006 2007 2008 2009 2010 PNG Fiji Solomon Islands The Leading Bank in the South Pacific 44
Slide 45: Customer accounts
Customer accounts Kundu accounts in PNG -'000 610 605 600 595 590 585 580 575 570 Jan Feb Mar AprilMayJuneJuly Aug Sep Oct Nov Dec The Leading Bank in the South Pacific 45
Slide 46: Customer accounts
Customer accounts Deposit accounts in Fiji - '000 168 166 164 162 160 158 156 154 152 150 Jan Feb Mar AprilMayJuneJuly Aug Sep Oct Nov Dec The Leading Bank in the South Pacific 46
Slide 47: Customer accounts
Customer accounts Deposits in Solomons - '000 52 50 48 46 44 Jan Feb Mar AprilMayJuneJuly Aug Sep Oct Nov Dec The Leading Bank in the South Pacific 47
Slide 48: ATM & EFTPOS transactions
ATM & EFTPOS transactions Millions PNG ATM and EFTPOS 4 Transactions 3 3 2 2 1 1 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Leading Bank in the South Pacific 48
Slide 49: ATM & EFTPOS transactions
ATM & EFTPOS transactions Fiji ATM & EFTPOS Thousands Transactions 850 800 750 700 650 600 550 500 Jan Feb Mar AprilMayJuneJuly Aug Sep Oct Nov Dec The Leading Bank in the South Pacific 49
Slide 50: ATM & EFTPOS transactions
ATM & EFTPOS transactions Thousands Solomon Islands ATM 80 Transactions 70 60 50 40 30 20 10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The Leading Bank in the South Pacific 50
Slide 51: SMS banking
SMS banking Thousands PNG SMS Users and Millions (users) (transaction value) Transaction Values 85 80 1.8 75 1.6 70 1.4 65 1.2 60 1.0 55 0.8 50 45 0.6 40 0.4 Jan Mar May July Sep Nov SMS users Transaction value The Leading Bank in the South Pacific 51
Slide 52: SMS banking
SMS banking Thousands Millions (Users) Fiji SMS Users and (Transactio Transaction Values n Value) 30 0.14 25 0.12 20 0.10 0.08 15 0.06 10 0.04 5 0.02 - - May Jun Jul Aug Sep Oct Nov Dec SMS Users Transaction Value The Leading Bank in the South Pacific 52
Slide 53: Economic Outlook
Economic Outlook
Slide 54: Global economic outlook
Global economic outlook • growth in 2011, at slightly slower rate than IMF global GDP growth 2010 10.0% • stable, slow growth in 8.0% Forecast medium term 6.0% • Emerging economies to 4.0% 2.0% perform above global 0.0% average -2.0% -4.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 World Adva
Slide 55: PNG economic outlook
PNG economic outlook The EIU expects the pace of growth in PNG to • 2011 growth projections accelerate over the next years range: 5.5% - 8.0% reaching 8.9% in 2012. • will exceed global average The IMF is projecting • These growth projections do slowing GDP The PNG Department growth between not incl
Slide 56: Market Share
FOR S& 7 ~ Market Share
Slide 57: Market share
Market share BSP market share in PNG • BSP’s market share in PNG 70% deposits 51.6% and lending is at 60% 50.3% 50% 40% 30% 2005 2006 2007 2008 2009 2010 BSP market share of PNG deposits BSP market share of all Kina lending in PNG The Leading Bank in the South Pacific 57
Slide 58: Market share
Market share • All BSP Market Share in PNG, countries Fiji, Solomons aggregate: 60% 1 Deposits 50% 2/1 1 44% 40% Lending 38% 30% 3 #1 Ranking 20% – Total 10% assets – Total 0% liabilities PNG Solomon Fiji All – Net assets Islands Lending Deposits The Leading Bank in the South Pacific 58
Slide 59: Credit Quality
34 Credit Quality environment - a consideration in everything we do
Slide 60: Credit quality
Credit quality • Disciplined reduction in loan Loan provisions to gross loans provision % to 5.00% Total 2008. Total 3.7% • Conservative 4.00% 3.4% approach – 0.5% increase in 3.00% 0.5% general provisioning %. 2.00% 2.90% 3.17% 3.3% 2.8% 2.6% 2.1% 1.00% 0.00% 2005 2006 2007 2008 2009 2010 BSP PNG C
Slide 61: Economic sector risk concentration
Economic sector risk concentration • Lending is diversified across sectors. Government and Public • Commerce, Authorities Private Agriculture finance and other households 3% 8% business includes 22% Transport and various business communication types. 10% • Stable distribution from prior year. Manufa
Slide 62: Funding
WE ARE FOR FAMILY Funding
Slide 63: Deposit mix
Deposit mix • Wholesale 10.0 deposits still represent the 8.0 majority of the B il lio n s o 24% 28% portfolio. f K in 6.0 a 20% 21% 4.0 24% 76% 72% 31% 79% 80% 2.0 76% 69% 0.0 2005 2006 2007 2008 2009 2010 Wholesale Retail The Leading Bank in the South Pacific 63
Slide 64: Deposits by type & country
Deposits by type & country • Demand deposits include savings account funds. • Term deposits range from 30 days to 2 years Term Deposits by type – Average duration is < 12 23.1% months. Deposits by country PNG 89.55% Demand / current 76.9% Niue 0.02% Solomon Fiji Islands 10.03% 0.4% The Leading Bank
Slide 65: 2010 Full Year Results
2010 Full Year Results
Slide 66: 2010 results overview
2010 results overview 2010 Growth 2010 vs. 2009 Profit after tax K 283.1m 10.1% Revenue K 954.9m 31.6% Expenses K 522.8m 56.0% Bad and doubtful debt expense K 20.6m 37.0% Earnings per Share 5.9 toea 5.4% Customer deposits K 7.984b 6.6% Net loans and advances K 4.091b 12.4% The Leading Bank in the So
Slide 67: 2010 results overview
2010 results overview toea K mil Jan Mar Jun Sep Dec 7.0 300.0 6% Central Bank Bill Rate 6.0 250.0 5.0 200.0 5% 4.0 150.0 3.0 4% 100.0 2.0 1.0 50.0 3% - 0.0 2005 2006 2007 2008 2009 2010 2% EPS (toea) DivPS (toea) profit after tax (Km) 1% The Leading Bank in the South Pacific 67
Slide 68: Highlights
Highlights • BSP maintained its market share at above 50%, in deposits and lending in PNG. • Because of Interest rate declines in PNG, - net interest income in PNG increased by only 5.5%. • Non-lending fee income increased by 47%. • Transformation activity intensified in 2010. • Profit after tax gre
Slide 69: Profit before tax
Profit before tax Profit before tax 500 410.80 Millions of Kina 400 378.14 328.80 300 283.57 200 142.23 164.52 100 2005 2006 2007 2008 2009 2010 The Leading Bank in the South Pacific 69
Slide 70: 2009-2010 profit movement
2009-2010 profit movement • Group profit Profit change from prior year – Up K26.0 million 480.0 or 10% after 460.0 69.0 66.5 tax 440.0 – Up K32.7 million 420.0 K million or 9% before 400.0 2.7 25.9 402.5 tax 380.0 360.0 376.8 340.0 320.0 • K25.7 million or 300.0 7% increase in 2009 Net Non Operating
Slide 71: Growth in total assets
Total assets Growth in total assets 12.0 Bil lio 10.0 n s o f K in Billions of Kina a 8.0 6.0 4.0 2.0 0.0 28% compound 2005 2006 2007 2008 2009 2010 annual growth since 2005 The Leading Bank in the South Pacific 71
Slide 72: 2009-2010 asset movement
2009-2010 asset movement Asset change from prior year • K629.5 million kina 10.1 0.073 10.027 increase in 0.453 0.017 assets 9.9 dominated by Fixed other assets Billions of Kina loans 9.7 0.156 9.398 9.5 0.036 Loans Investments 9.3 cash 9.1 2009 2010 8.9 The Leading Bank in the South Pacific 72
Slide 73: Loans & deposits
Loans & deposits Growth in deposits and loans 9.0 8.0 7.0 Billions of Kina 6.0 5.0 4.0 3.0 2.0 1.0 0.0 compound 2005 2006 2007 2008 2009 2010 annual growth since 2005: Net Loans Total deposits – loans 36% – deposits 26% The Leading Bank in the South Pacific 73
Slide 74: Capital Management and Liquidity
Capital Management and Liquidity
Slide 75: Capital Adequacy ratio
Capital Adequacy Base Capital • Base capital 1.4 30% target for Capital Adequacy ratio Base Capital - K billion 2010 achieved 1.2 25% during the 1.0 year 20% 0.8 15% 0.6 10% 0.4 0.2 5% - 0% Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- 08 09 09 09 09 10 10 10 10 The Leading Bank in the South Pacific
Slide 76: Prudential management
Prudential management • Strong capital adequacy Tier 1 Capital and Total Capital position Adequacy 40.0% – Tier 1 19.7% – Tier 2 3.9% 30.0% – Total 23.6% 20.0% • Within the range of Basel II and 10.0% III requirements 0.0% 2006 2007 2008 2009 2010 Tier 1 capital adequacy Tier 2 capital adequacy BPNG
Slide 77: Capital planning
Capital planning • Benchmark capital adequacy scenarios 18% 1. Base: current growth trends 2. Margins < current trend • Currently 22% 3. Significant loan losses • Need for capital is moderate 4. Exceptional Asset growth for the most likely base 5. Capital adequacy ratio > than scenario – can be addr
Slide 78: Key prudential ratios
Key prudential ratios 0% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40% 44% 48% Liquid asset ratio 42.96% Capital adequacy 23.6% ratio Leverage ratio 10.5% Cash Reserve 4.0% Requirement Bank of PNG minimum requirement • BPNG prudential definitions met or exceeded. • Minimum liquid asset ratio removed, Oct 20
Slide 79: Profitability and Key Ratios
Profitability and Key Ratios
Slide 80: Earnings per share and return on equity
Earnings per share and return on equity • 156% increase in earnings per Earnings Per Share and share since Return On Equity 2005. 7.0 34.7% 40% 30.6% • 33% Average 6.0 39.5% 27.4% 35% ROE over the 6 5.0 30% 32.2% 31.7% year period. 25% 4.0 20% 3.0 15% 2.0 10% 1.0 2.3 2.5 4.2 5.0 5.6 5.9 5% 0.0 0% 20
Slide 81: Cost to income ratio
Cost to income ratio • 55% Cost to income ratio is at Cost to income ratio 2005 levels. 60% • 47% Average 50% over the 6 year average period. 40% • 3% of 2010 ratio is for 30% transformation 20% costs. 10% 0% 2005 2006 2007 2008 2009 2010 The Leading Bank in the South Pacific 81
Slide 82: Non interest income
Non interest income • 43% of total income - up from Non interest income 35% in 2009. 100.0% • 75% of net 80.0% interest income – up from 53% in 60.0% 2009. • Long term target 40.0% is to equalise revenue streams. 20.0% 0.0% 2005 2006 2007 2008 2009 2010 % of total income % of net interest income The
Slide 83: Net interest margin
Net interest margin Net interest margin 7.5% Central Bank Bill 7.3% Rate Jan Jun Dec May Nov 8% 7.1% 7% 6% 5% 6.9% 4% • Overall net increase over last 5 years. 3% 6.7% • PNG Bank bill rate in decline 2% from 2009. 1% 6.5% 2005 2006 2007 2008 2009 2010 The Leading Bank in the South Pacific 83
Slide 84: Comparison of Key Ratios
Comparison of Key Ratios WE,ARE FOR MANY ARE FOR ONE
Slide 85: Performance comparisons
Performance comparisons Net interest margin Return on equity 40 10 BSP’s 35 9 8 7 performance is 30 25 6 % 5 strong, when % 20 4 15 3 compared to 10 2 1 the Australian 5 0 0 2005 2006 2007 2008 2009 2010 banks. 2005 2006 2007 2008 2009 2010 Year BSP Year Aust major banks (average) Aust regional bank
Slide 86: Dividend and Shares
my Dividend and Shares
Slide 87: Dividends
Dividends • the Directors have declared a final dividend for 2010 of 3.13 toea per share (Payable in June 2011 – final date to be announced). • Interim paid in Nov 2010: 1.37 toea per share • full dividend for the year ending 31st Dec 2010 4.50 toea per share • Yield at current price: 6.6% The Leadi
Slide 88: Share Price
Share Price Cumulative A fundamental Share quarter profit price (K) problem 1.60 for year (Km) 276.6 257.7 – BSP performance has 1.40 232.1 been increasing 226.8 quarter on quarter 1.20 202.9 179.9 1.00 – Share price has been 160.4 on a downward trend 0.80 123.4 124.1 since about Q3-2008. 0.60 • Sep
Slide 89: Share Price: Solutions
Share Price Solutions: •Share • Also list on another exchange in South Pacific? Consolidation • Convert some equity capital • Share buyback to debt capital? The Leading Bank in the South Pacific 89
Slide 90: Conclusion
ap Lg a mo. i Happiness Conclusion
Slide 91: Conclusion
Conclusion • There were many “positives” in 2010: - 10% YOY Growth in Profitability. - Balance Sheet now exceeds K10 Billion. - Continued Loan & Deposit Growth. - Very strong Capital & Liquidity position. - Significant expansion of our Electronic Banking Platform (ATM’, Eftpos, SMS Banking, Internet
Slide 92: Conclusion
Conclusion • Organizational split between BSP Fiji & BSP Life businesses, and initiated a strategic review of both businesses (Under implementation). • First ever Fiji Dollar Convertible Note Issue was successfully concluded. • Launched BSP Rural a rural agency banking network using Electronic Banki
Slide 93: Conclusion
Conclusion • 183 Projects are currently ongoing. • BSP’s “Social & Community” Projects have achieved major milestones: - “Go Green" Environmental Initiative (international recognition). - BSP School Kriket won “ 2010 ICC Global School Cricket Award” (85 countries. 52,000 children). - 70 local commun
Slide 94: Conclusion
Conclusion “BSP’s Vision to be the Leading Bank in the South Pacific is very much achievable!” Thank You The Leading Bank in the South Pacific 94