Credit Corp reports growth

Business

CREDIT Corporation PNG has announced continued growth in its three core business units – finance, property and investment – for the six months to June 30.
This was achieved despite continuing tough conditions in key markets.
Credit Corporation chief executive Peter Aitsi said it reflected the company’s renewed focus on its core competencies in key areas of operation.
“Key highlights for the group in the first half financial year 2018 included recording improved operating results for our finance business, increased occupancies across our property portfolio and the continued delivery of strong dividends from the company’s key equity stake in Bank of South Pacific Limited (BSP),” he said. The improved performance by the group resulted in a reduction in the expense to income ratio to 35 per cent, attributed to improved sales revenue growth and tighter cost control.
The company continues with its strong track record of dividend payments with the directors declaring an interim dividend of 6 toea per share – a 50 per cent increase from the corresponding period last year.
The main half year highlights as compared to last year’s comparative period include:

  • Operating profit after tax up 12.7 per cent to K69.7 million;
  • Group sales revenue up 32 per cent to K57.7 million;
  • Finance profit after tax was K12.1 million, up from 2017 first half of K9.8 million;
  • Loan book increased 30 per cent to K545 million and deposits rose 18 per cent to K454 million;
  • Properties profit after tax was K3.4 million.

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