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BSP Tonga Announces FY2023 Profit of T$14.7m

Monday, March 4, 2024

Bank of South Pacific Tonga Limited (BSP) today (Monday 4th March, 2024) announced a Net Profit after Tax of T$14.7 million for the financial year ending 31st December, 2023.

BSP Tonga Acting Country Head, Mr. Tevita Vaha‘i said, “The 2023 Net Profit after Tax result is a 9.5% improvement from 2022 and achieved from increases across non-interest income – particularly, volume growth in foreign exchange and remittances from the Tongan diaspora overseas. Channel income (ATMs, EFTPOS, Agents) continued to improve in line with increases in tourism and travel since the Tongan International border reopened in Q3 of 2022.

BSP Tonga’s customer base grew 8% with over 44,000 customers choosing BSP as their bank of choice. BSP’s valued customers continue to be served across branches in Tongatapu, Vava’u, Ha’apai and ‘Eua, and via digital banking options which include 14 ATMs, 285 EFTPoS and 39 agents.”

BSP’s commitment in supporting the community included sponsorships of over T$100K towards tsunami recovery efforts, financial literacy initiatives and ongoing grass roots activities. This is in addition to the bank's TOP$2.1 million contribution to sports through payment of the FX Levy to the Government of Tonga in 2023.

Mr. Vaha‘i acknowledged the leadership and guidance of former Country Head, Marcellina Wolfgramm Haapai in driving the bank’s performance during her tenure from 6th January 2020 to 6th January 2024.
BSP Tonga’s profit announcement follows the release of BSP Financial Group’s Full Year results by Group CEO, Mark Robinson & Group Board Chairman, Robert Bradshaw noting a consolidated Net Profit After Tax of K890 million. BSP Tonga Limited’s Board Chairman, Mr Ronesh Dayal (Group CFO) congratulated BSP Tonga Limited’s team for their efforts in serving customers across 2023.