The Bank of the South Pacific Fiji’s profit has increased from $1 million 3 years ago to $9 million last year.
BSP Chief Executive Officer Robin Fleming said this year’s target is expected to exceed.
He added the bank’s target for 2013 was to continue its path to a return on equity of 15% and the team in Fiji is well positioned to meet these expectations.
Fleming said the financial performance in prior years had been affected by lower interest margins.
He said their expansion into electronic channels (ATMs, EFTPOS, and Internet Banking) has partially reduced their reliance on interest income and has made BSP a much more competitive bank in 10 commercial markets.
He added their growth in Fiji has in large part being due to a great team effort with retail and corporate acting in a cohesive and coordinated manner to exceed the expectations of their clients.
Meanwhile, BSP Group employs 3,800 staff of which BSP has 600 staff in banks in Fiji and 190 staff in BSP Life.
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