BSP customers in Solomon Islands deposited $2.5 billion in 2024

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Bank South Pacific (BSP) customers deposited a staggering SBD$2.5 billion in 2024 and SB$2.6 billion in 2023 in its latest financial statement released over the past two years 2023 and 2024.

BSP this week released its 2024 Audited Financial Statements, so SBM Online askes local economist Martin Baddeley Housanau BSP to explain and give more details on the report.

Housanau said, BSP’s minimum total operating income was SBD$200 million over the past two years in 2023 and 2024.

He explains to SBM Online that the net Profit after Tax was SBD$73.0 million in 2024, and SBD$86.3 million in 2023, a reduction of SBD$13.3 million in NPAT.

Housanau further highlights that the total operating income was reduced by SBD$8.4 billion in 2024 due to declining economic activities, poor cash flow circulation, high interest rate on loans of 19% and above, and incapa

Balance Sheet

Housanau explains that cash held as deposits with other banks was approximately SBD$1.9 billion in 2024, and SBD$1.8 billion in 2024.

Additionally, loans and advances to customers was approximately SBD$1 billion in 2023 and 2024 whilst Investment securities was approximately SBD$48m in 2023 and 2024.

“Deposit from customers was SBD$2.5 billion in 2024, whilst SB$2.6 billion in 2023. The bank has excess liquidity of more than SBD$1.8 billion over the past two years 2023 and 2024,” said the economist.

Read Housanau’s commentary on the issue on the link below: >>>

https://sbm.sb/impact-of-banking-financial-services-in-solomon-islands/

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