Robust results from Kina Bank

KINA Bank has reported an unaudited statutory net profit of K76 million for the year ended December 31, which it said was an increase of 25% compared to the previous corresponding period.
Robust results from Kina Bank Robust results from Kina Bank Robust results from Kina Bank Robust results from Kina Bank Robust results from Kina Bank

Greg Pawson

Staff Reporter

An unfranked final dividend of 6c (Australian) at (K1.64 toea per share) was declared for the second half of the year.
 
 
The bank has delivered planned business growth in all existing businesses, particularly achieving the integration benefits critical to the ANZ PNG acquisition.
 
It said the strong financial results were driven by a full year of operations of the ANZ PNG business, solid growth in the organic business across loans, substantial growth in digital channels revenue and gains from a series of strategic initiatives delivered throughout the year.
 
Managing director and chief executive officer Greg Pawson said Kina had delivered planned business growth across all businesses, despite the challenges presented by the Covid-19.
 
"We also achieved the integration benefits critical to the ANZ PNG acquisition. In parallel, we completed a number of strategic initiatives that were market firsts - we launched a suite of new digital products and services and we achieved significant growth in revenue from our existing digital channels.
 
"Our disciplined approach has delivered compelling growth for the year."
 
Other financial highlights included foreign exchange income up 32% to K55.2 million; net interest income up 48% to K169.7 million; non-interest income up by 59% to K145.1 million; revenue up 53% to K314.8 million; and capital adequacy up 18% to 23.8%.

 

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