Kina announces K96mil profit

The National Business

KINA Securities Ltd (KSL) has announced a net profit of K96.2 million, an increase of 27 per cent, with a statutory net profit of K70.8 million for the 2021 financial year.
According to the bank, the statutory results were impacted by one-off costs associated with termination of the Westpac acquisition.
The board has declared an unfranked final dividend for the second half of 2021, of AUD 7.00 cents per share/ K18.5 toea per share.
The full year unfranked dividend is AUD 10.0 cents per share/ 26.8 toea per share.
Kina’s chief executive officer and managing director, Greg Pawson said the results demonstrated the company’s ability to grow organically, maintain costs and execute on strategic priorities.
“Throughout 2021, we have been focused on delivering strong growth in target segments, maintaining a disciplined approach to cost management and ensuring our communities remain safe in a pandemic.
“The implementation of our corporate banking strategy and response in developing digital solutions for our customers, has helped build a sustainable growth profile,” Pawson said.
Kina achieved lending portfolio growth of 21 per cent which resulted in its market share increasing to 14.5 per cent.
The key highlights were:

  • UNDERLYING net profit increased by 27 per cent to K96.2 million;
  • THE loan book delivered a 21 per cent growth;
  • FOREIGN exchange revenue grew by 19 per cent;
  • NET fees and commissions increased by 17 per cent to K 89.3 million;
  • THE performance in non-interest income from fees and commissions and foreign exchange income contributed 18 per cent to Kina’s strong revenue growth;
  • COST to income ratio (underlying) maintained at 58 per cent
  • REDUCTION in impairment cost to K6.5 million; and,
  • KINA’S funds administration business achieved net profit of K10.1 million, which reflected a 22 per cent improvement.