Firm makes K20m profit

KINA Securities Limited has reported a net profit of K20.5 million for the six months to June 30, 2016 – an increase of 350 per cent compared with the first half of 2015.
The results confirm the benefits of Kina’s K349 million acquisition of Maybank PNG, completed in September 2015, which effectively doubled the size of the Kina business.
The rapidly growing financial services company declared an interim dividend of A4.09 cents per share, which follows the dividend of A3.4 cents per share paid for the full year to December 2015.
The results are for the first full six months period for the merged Kina/Maybank business, and the first since the highly successful public float of the Company in July 2015.
Chief executive Syd Yates said the results were pleasing and showed that the merger was delivering excellent returns for shareholders.
“The company has made great progress in the past six months. Our lending has increased sharply, and our asset quality is sound,” he said.
“Despite the slowdown in the PNG economy, we are continuing to enjoy solid growth in lending, and we see great potential to grow further in the coming years by providing innovative products and quality service to our customers.
“The merger of the Maybank and Kina businesses created a new financial services business in PNG and positions the company to take a leading role in the development of the emerging PNG financial services industry,” he said.
Kina is now well established as the country’s fourth largest bank with lending assets growing to K437 million – up 17 percent from K374 million in December 2015 (34 per cent annualised).
The bank recorded net interest income of K31.2 million in the half year to June 2016, compared to K16.7 million in the half year to June 2015.