A final dividend of K1.21 per share was declared and is payable on 21 March 2025, which brings BSP Financial Group Limited’s (BSP) full year dividend for Financial Year 2024 to K1.66 per share, a 16% increase on FY24. BSP’s Group CEO Mark Robinson, was delighted to report that a record pre-tax profit for the Group, of just over K1.8 billion, up a healthy 18% on FY23. When commenting on the key Group highlights, Mr Robinson said the Group’s strong results were underpinned by the lift in volumes and revenue in nearly all their businesses, which was offset in FY24 largely by the K254 million lift in their operating expenses, compared with 2023. He said this increase in operating expenditure was mostly driven by an increase in their investment in technology and modernisation to support their strategic priorities. Mr Robinson also noted, “that BSP’s statutory profit lifted an impressive 17%, to K1 billion, boosted by strong credit impairment reversals, as well as the net positive impact of the one-off adjustments recognised in the first half of FY24." "Our full year statutory profit was also just K52 million shy of our record in FY22, which was posted before the bank tax rate in PNG lifted to 45%.” Mr Robinson further added that BSP’s return on equity remain at robust levels (23.3%), when compared to other ASX listed banks and the Group’s capital adequacy ratio remains well above BPNG’s 12% requirement. Maintaining a dividend payout ratio of 75%, BSP has declared a final dividend of K1.21 per share, payable on 21 March 2025. Combined with the K0.45 per share interim dividend paid in October 2024, this brings the FY24 full year dividend per share for K1.66. Mr Robinson concluded by saying, “as the South Pacific’s largest bank we remain committed to the prosperity of the region." "For this reason, we have embarked on a substantial investment program, over four years, to improve our operational capability and deliver on our vision to be the South Pacific’s International Bank." Mr. Robinson added that BSP’s strong performance in FY24 continues to lay a solid foundation for the BSP’s future growth and success. “Our conservative strategy for managing capital means we are well placed to navigate the current environment and realise future growth opportunities."