Bank reports K23.6mil net profit

The National Business

Kina Bank achieved a statutory net profit after tax of K23.6 million, up 14 per cent from the previous corresponding period of last June.
According to a statement from Kina Bank, Kina Securities Ltd reported a strong performance for the half year to June.
The banks directors declared an interim dividend of A$0.04 per share or 10 toea per share.
The company’s organic growth strategy continues to gain momentum and the transformative programme of integrating ANZ Papua New Guinea’s retail, SME and commercial business is on track for completion in late September.
The underlying financial performance was largely driven by an uplift in foreign exchange earnings from an increase in market share.
The business continued to deliver an uplift in net interest income from continued growth in overall customer footing.
The group’s cost to income ratio continues to be managed with a disciplined approach to both operating and capital expenditure in alignment with the organic growth strategy and the capability build for the ANZ acquisition.
Kina delivered growth across all of its businesses and delivered several important strategic initiatives in 1H 2019 which included:

  • Foreign exchange growth increased by 33 per cent to K18.7 million compared to 1H 2018. This was underpinned by an increase in overall market volumes of 22 per cent (primarily due to Bank of PNG interventions) and an improved market share position;
  • an improvement in the group cost to income ratio to 57 per cent compared to 58 per cent in the same period last year.
    Kina chief executive officer Greg Pawson said: “We have delivered an exceptional result while continuing to deliver the transformative programme of integrating ANZ PNG’s Retail, Commercial and SME business.