IBBM posts K2.45m net profit in 2011

By GYNNIE KERO
THE INSTITUTE of Banking and Business Management (IBBM) posted a net profit of K2.45 million last year, up 30% from 2010.
Chairman Vishnu Mohan said at IBBM’s annual general meeting last Thursday that this was a strong performance stemming, to a large extent, from its contract with Esso Highlands Ltd.
“We also maintained stringent control over costs and as a result, our cash earnings at K7.926 million, was a 40% improvement over 2010,” he said.
“The addition of the new Enterprise Centre Building boosted IBBM’s property value in the balance sheet to more than K15 million and total assets were around K18 million.”
Mohan said largely driven by the natural resource and agricultural commodity sectors, the past year had seen PNG’s economy continue to grow at a steady pace.
“Businesses have expanded and banking activities have gained further significant momentum,” he said.
“At the IBBM, we are continuing to make progress towards meeting the growing training needs of the banking and corporate sectors.
“Additionally, we have focused very heavily in educating and helping landowner businesses to understand and meet the needs arising from the PNG LNG project.
“We have made substantial changes to our training programmes and we feel we are now well placed to respond to the growing training needs of all our members.
“Against this background, I am very pleased to report that the IBBM performed strongly last year, delivering a sound financial result that, amongst other things, enabled us to reinvest some of the surplus money in a new Enterprise Centre Building.”
The Enterprise Centre, measuring 580sqm and also housing the PNG LNG project’s business information centre and the construction of which began in 2010, was commissioned on June 30, 2011.
It also houses the National Microbank’s branch office, a tenant of IBBM, in the basement.
Mohan also announced that in partnership with the Indian Institute of Banking and Finance, IBBM revised its Diploma in Banking programme last year, which was formally launched by Deputy Governor of Bank of PNG Benny Popoitai, last November.
“This was a milestone achievement in the course development history of IBBM as 10 diploma textbooks were specifically published for the IBBM graduates including books on ‘Central Banking in PNG’ and ‘International Banking’,” he said.
Mohan said it had been another very busy and demanding year for IBBM and full credit must be given to executive director Sweta Sud.