Kina records solid figures

The National Business

By NATHAN WOTI
KINA BANK has announced a solid performance in loan book, cost control and net profit tax for the whole 2023 financial year.
The Bank’s FY23 results were underpinned by solid revenue growth in core banking products, notably business lending, and digital services, contributing towards the progress of the 2025 strategic plan.
The breakdown is as follows:

  • Net profit before tax increased by almost 20 per cent to PGK 175.3m, underpinned by loan book growth of almost 20 per cent, an increase in fees and commissions and a 200bps decline in cost to income to 54.2 per cent
  • Underlying Net Profit After Tax was virtually unchanged at K105.2 million, with an increased tax rate offsetting Kina’s operational growth.
  • The final dividend of AU6.0 cents/15.9 toea, brings the full year dividend to AU 10.0 cents/25.6 toea.

Kina Securities Ltd Group managing director and chief executive officer Greg Pawson said: “In 2023 the business successfully negotiated a challenging year by drawing on its diversified revenue streams and its ability to decide and act quickly on operational matters across all key portfolios”.
He said that this was obvious in the bank’s strong lending growth, increased market share, continued delivery of customer led digital products and well capitalised bank that has a disciplined approach to capital allocation.