Kina Bank records K76mil profit

The National Business
Greg Pawson

Kina Bank has recorded an unaudited statutory net profit of K76 million for the year ended Dec 31, 2020, a statement says.
It announced last year’s financial results yesterday saying it represented an uplift of 25 per cent compared to the prior corresponding period.
As a result, an unfranked final dividend of Australian 6 cents per share (K1.64 toea per share) was declared for the second half of the year.
This takes the full year unfranked dividend per share to AU$0.10 (K0.26) compared to an unfranked dividend per share of AU$.104 (K0.25) for the prior corresponding full year.
The bank has delivered planned business growth in all existing businesses, particularly achieving the integration benefits critical to the ANZ PNG acquisition.
It said the strong financial results were driven by:

  • a full year of operations of the ANZ PNG business;
  • solid growth in the organic business across loans;
  • significant growth in digital channels revenue; and
  • gains from a series of strategic initiatives delivered throughout the year.

Managing director and chief executive officer Greg Pawson said: “We have delivered planned business growth across all of our existing businesses this year, despite the challenges presented by the Covid-19.
“We also achieved the integration benefits critical to the ANZ PNG acquisition.
“In parallel, we completed a number of strategic initiatives that were market firsts – we launched a suite of new digital products and services and we achieved significant growth in revenue from our existing digital channels.
“Our disciplined approach has delivered compelling growth for the year.”
Other financial highlights includes:

  • foreign exchange income up 32 per cent to K55.2 million;
  • Net interest income up 48 per cent to K169.7 million;
  • Non-interest income up by 59 per cent to K145.1 million;
  • Revenue up 53 per cent to K314.8 million;
  • Capital adequacy up 18 per cent to 23.8 per cent.