State owned financial institution, People’s Own Savings Bank posted US$2,34 million profit in the first quarter while approving the payment of US$2,4 million dividend to the government for last year.

The profit registered by the POSB in the first quarter was revealed at the annual general meeting in the capital.

The annual general meeting approved the payment of recommended dividend of 35,95 cents per share, totaling US$2,4 million to the government for the year ended 31 December 2016.

The US$2,34 million profit was backed by US$119 million, while the financial institution is focusing on recovering some of the loans totaling US$72 million issues in the quarter.

POSB has total assets worth US$170 million with a total capital of US$43 million.

The bank is currently seeking ways of accessing funding for mortgage finance considering that the government is pushing for the construction of housing units.