Posted By Staff Reporter
KINA Securities Ltd has recorded an unaudited net profit of K39.8 million for the six months ending June 30, 2021.
It represents a growth of 36 per cent compared to the prior corresponding period.
The company board also declared an interim dividend of AU$3 or K8.25 per share.
This compares with an interim dividend per share of AU$4 per share or K10 per share for the prior corresponding period.
Managing director and chief executive officer, Greg Pawson said: “The results demonstrate that our strategy of transformation is successful and driving the business in a strong direction.
“Kina has continued growth momentum for the first half of our financial year 2021, reflecting five consecutive half years (PCP) of improved performance.
“The growth in NPAT was driven by an increase in transactional volumes, continued cost discipline and growth in the existing loan book.
“This was supported by our sharpened focus on re-shaping the customer experience and the continued delivery of innovative products and services.”
The company attributes the result through the delivery on its commitment to increase transactional volumes via its digital platforms, which contributed to the overall uplift in fees and commissions income by 10 per cent compared to the prior corresponding period (PCP).
“Continued stable foreign exchange trading income, an increase in the loan book, investment in high yielding government securities, and lower cost of funds contributed positively to the overall performance of the business,” he said.
“Kina continued to reduce the cost of operations following the ANZ PNG acquisition.
“This resulted in a cost to income ratio of 60.9 per cent compared to the PCP of 64.9 per cent.”
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