BSP giving more loans, citesrise in capacityM February 28,2024S The NationalBusinessBy ZARA KANU LEBOTHE lending capacity of the Bank South Pacific FinancialGroup Limited (BSP) has increased due to the strong growthof all its key loan products in 2023, according to group chieffinancial officer Ronesh Dayal."The provisions to loans ratio remains steady at 4.3 per cent- well above most Australian banks, again reflecting the skillof our asset mix," Dayal said."Only around 15 per cent of the loan book is invested inresidential mortgages and reflective of the size of theresidential property market in PNG thus provides significantopportunity for growth.'He said the balance sheet showed a high level of depositswhich was predominantly domestic funding, thus reflectingthe capacity to increase lending.In its 2023 financial results, the balance sheet showed thattotal assets grew by 9.5 per cent to K37 billion in a strong23 per cent growth in lending, consistent with an increase indeposits made to the bank.According to the bank's loan book composition, all its keyloan product categories experienced strong growth in 2023where the business loan segment represents 66 percent ofthe loan portfolio, retail mortgages make about 15 percentand the unsecured personal loans constitute 13 per cent ofthe loan book and so a strong growth of 23 percent duringthe year.There was some impact of the lifting of the bank'sunsecured personal loan write-offs. Actions were takenincluding restructuring the collections team and putting inmore resources to bring back the level that the bankexpects.He said the bank had seen an improvement in stage-twoloans moving back to stage one, offsetting the impact of theincrease in internal expenses"Combined with that was the fact that we have a strong 12percent growth in on our loan portfolio, and the quality ofgrowth was quite strong," he added.
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