Prime Minister Hon. James Marape has welcomed the announcement of record financial results by BSP Financial Group for the 2025 financial year, describing the performance as clear and independent confirmation that Papua New Guinea’s economy is growing and economic activity is strengthening.
BSP has announced a statutory net profit after tax of K1.17 billion for FY2025, representing a 13 per cent increase on FY2024.
“This is not just a banking milestone. This is an economic validation,” Prime Minister Marape said. “When banks grow, it is because businesses are borrowing, trading and investing, households are transacting, and confidence is returning to the economy.”
Bank Profits as a Thermometer of Economic Growth
Prime Minister Marape said BSP’s profit history provides a reliable long-term economic indicator, reflecting key phases of Papua New Guinea’s economic cycle.
He pointed to BSP’s profit performance over the past decade:
• 2014: Approximately K507 million, during the year PNG LNG commenced production and Ok Tedi and Porgera were in full operation.
• 2018: Approximately K844 million, reflecting peak investment, construction activity and strong domestic demand.
• 2020: Approximately K806 million, during the COVID-19 shock, demonstrating resilience in a global economic downturn.
• 2022: Approximately K1 billion, marking a strong post-pandemic recovery.
• 2023: Approximately K890 million, reflecting consolidation amid global inflationary pressures.
• 2025: K1.17 billion, the highest profit in BSP’s history.
“When you place these figures side by side, the trend is undeniable,” the Prime Minister said. “The growth in recent years is stronger, more consistent and more resilient. Under our government, the recovery curve is steeper and the expansion more sustainable.”
He said critics who deny economic growth must reconcile their claims with the hard financial data produced by the country’s largest bank.
“Banks do not make profits in weak economies. They grow when economies grow,” he said.
Commending BSP Leadership, Management and Staff
Prime Minister Marape commended the leadership of Robert Bradshaw, the BSP Board, Group Chief Executive Officer Mark Robinson and the executive management team for delivering strong results while maintaining BSP’s community service obligations.
“I commend BSP for delivering high profitability while continuing to operate in remote and rural parts of our country where margins are low but national responsibility is high,” he said.
“That balance between commercial discipline and national duty is commendable.”
He also paid tribute to BSP’s 5,000 staff across Papua New Guinea and the Pacific, acknowledging their role in financial inclusion, service delivery and economic stability across the region.
Supporting SMEs, Housing and Agriculture
Prime Minister Marape reaffirmed the Government’s commitment to partner with BSP and all commercial banks to expand lending in priority sectors.
“We will continue working with BSP on tailored SME lending, housing finance and rural agricultural credit, ensuring economic growth translates into real opportunities for our people,” he said. “BSP’s nationwide footprint makes it a key partner in inclusive development.”
Supporting BSP’s Expansion into Australia and New Zealand
The Prime Minister confirmed he has personally indicated support for BSP to explore establishing in Australia and New Zealand, to support labour mobility, education, trade and remittances.
“With many Papua New Guineans and Pacific Islanders working and studying in Australia and New Zealand, there is a strong case for the Pacific’s largest bank to operate there,” he said.
“I will be engaging at my level to ensure the Australian and New Zealand banking sectors are open to BSP’s entry, because this will ease business, strengthen remittance flows and deepen economic integration.”
Confidence in the Economy
Prime Minister Marape concluded by congratulating BSP on its historic performance, describing it as a powerful endorsement of Papua New Guinea’s economic direction.
“Well done to BSP. Your performance confirms what we have consistently said — the economy is growing, and we are working deliberately to grow it further,” he said.