Kina Securities Ltd has reported a statutory net profit after tax of K48.1 million, up 109 per cent on the previous corresponding period.
The directors declared a final dividend of A$5 per share/K12.1 per share.
According to its 2018 financial year results released yesterday, this took the full year dividend to A$9 per share/K22.1 per share, up A$3 per share/K7.1 per share on the prior corresponding period.
The financial results were driven strongly by a full year of uninterrupted foreign exchange trading supported by a strong US dollar correspondent banking relationship.
The financial result was further supported by higher income growth across the
Statutory net profit after tax of K48.1 million, up 109 per cent from previous corresponding period (pc):
- Foreign exchange income restored to K34.2 million;
- net interest margin steady at 7.6 per cent;
- net interest income of K87.6 million, up 21 per cent from pcp;
- non-interest income of K74.1 million, up 90 per cent;
- final dividend of A5cents per share/K 12.1 toea per share; and,
- capital adequacy maintained at 28.9 per cent.
Key features of the FY18 result included:
- ending portfolio grew by 20 per cent in 2018, well in excess of system growth which was forecast at 6 per cent;
- deposit book grew by 29 per cent with the focus on acquiring low-cost funds through the launch of an innovative digital cash management account. Growth in customer deposits was achieved with a reduction in interest expense as a percentage of portfolio;
- customer numbers grew by 25 per cent to 20,625 boosted by the launch of online account opening capability during thye second half of 2018;
- strengthened correspondent banking arrangements; and,
- Successful rebranding to Kina Bank culminating in heightened market visibility and confidence evidenced through the attraction and growth of corporate deposits and commercial businesses.