Kina posts K45.6mil net profit

THE Kina Bank recorded a net profit of K45.6 million in the first half of the year, according to a statement from the company.
It is an increase of 15 per cent, compared to the corresponding period last year.
“The results reflect strong revenue growth and ongoing progress against the key strategic priorities of the group,” the company said.
“Kina remains committed to delivering improved returns by growing market share organically, disciplined expense management and a prudent approach to maintaining a resilient balance sheet.
“Revenue growth was evident across both net interest and non-interest income.
“Net interest income grew by 8 per cent against PCP due to solid lending performance in SME and home lending.
“In non-interest income, merchant facility fees and (foreign exchange) income contributed to the 34 per cent increase.”
The board also declared an unfranked half-year dividend for the first-half year of AUD 4.1 cents per share.
Chief executive officer and managing director Greg Pawson said the result demonstrated top line growth momentum, execution of digital initiatives and a solid start to lending for the half.
“Over the past six months, we have continued to build out our organic growth strategy,” he said.
“Increasing market share in our targeted segments remains the focus for 2022 supported by a robust balance sheet that ensures profitable growth.
“Underpinning revenue momentum is a disciplined approach to deliver customer-led digital solutions.
“The launch of our single view is a market-first in PNG.”