Kina Securities records K30mil profit

By LEMACH LAVARI
Kina Securities Ltd (KSL) made a net profit of K30 million last year despite economic challenges, according to chief executive Greg Pawson.
Pawson also said even with the economic conditions last year and considerable competition in the marketplace, KSL grew its market share from 4.8 per cent in 2016 to 5.8 per cent in 2017.
He said this at KSL’s annual general meeting on Wednesday in Port Moresby.
Pawson said the Kina Bank lent K750 million last year with a growing demand for home-lending from an emerging middle-class market.
He said the Kina Bank also saw a diverse spread of lending to the small and medium enterprise (SME) and commercial business segments.
“The level of enquiry and demand has remained strong into 2018,” Pawson said.
“We are on track to have over 20,000 customers by the end of this calendar year.
“With a perceived lack of focus on the PNG retail and small to medium sized enterprise sectors by the Australian banks, and the market dominance of Bank South Pacific, we have a great opportunity for continued growth.”
Pawson said the bank’s deposit flow from its customers sat at just above K1 billion.
He said this was an indication of the market’s trust.
Pawson attributed that figure to the bank’s cash management products. He said Kina’s growth ambitions into the future were based on technology and innovation.
“The development and release of our mobile banking applications and the launch of a superannuation app provides further evidence of our commitment,” Pawson said.
“We can overcome the challenges of PNG’s geographic and demographic challenges by enabling our customers to connect anytime, anywhere and anyhow.”