Kina Securities announce K70mil net profit for 2021

DESPITE the challenges of the Westpac acquisition not going ahead due to regulatory concerns, 2021 still saw Kina Securities Ltd deliver a net profit of K70.8 million compared to K76.0 million in 2020.
This was highlighted in the company’s 2021 Financial Report released yesterday.
Managing director and chief executive officer Greg Pawson said last year, the Kina group progressed towards transforming and growing the company as it moved into year three of its current strategic planning cycle.
“Revenue continued to grow in a tough environment still affected by the lingering aftershocks of the Coronavirus (Covid-19), as well as other business restrictions,” he said.
“Nonetheless, income grew to K334 million (from K315 million in 2020) with the increase coming about largely through a three per cent growth in net interest income, a 17 per cent growth in FX (foreign exchange) income and a 26 per cent growth in fees and commission incomes, primarily from digital channels.
“The digital channels – one of our key strategic areas – showed very strong growth at an increase of 65 per cent on the previous year, and rapidly improved accessibility for many Kina customers.
“Despite the challenges of the Westpac acquisition not going ahead due to regulatory concerns, 2021 still saw Kina deliver a net profit of K70.8 million compared with K76.0 million in 2020.
“Net profit was just north of the adjusted forecast and reflects revenue growth, controlled operating expenses and improved management of the loan portfolio.
“While the statutory net profit result was impacted by the one-off cost of the fees incurred as a result of the proposed Westpac transaction, on an underlying basis this still represents a 27 per cent growth on the prior year.
“This affirms our base business remains strong and poised for future growth into 2022.”